Am I eligible?

To be eligible for HomeShare you must:

  • have an income to meet the costs of purchasing and owning a home
  • be under income and asset limits (tenants in Housing Tasmania properties are exempt from this requirement)
  • be an Australian citizen or permanent resident, living in Tasmania
  • be an individual at least 18 years old (not a business or organisation)
  • have a minimum deposit of $3,000 or five per cent of the purchase price, whichever is the greater
  • not own or have an interest in any other real property (land)
  • not be an un-discharged bankrupt or discharged from bankruptcy within three years before the date of application
  • not owe any money to Housing Tasmania
  • not have received help under Streets Ahead or Home Ownership Assistance Program (HOAP) before
  • be able to pay legal and establishment fees
  • live in the house you buy (it has to be your main residence)

If I am eligible, what property could I buy with HomeShare?

You may be able to buy the house you are currently renting from Housing Tasmania. Or you may be able to buy a house that Housing Tasmania offers for sale on the website

You can also use HomeShare to buy a house and land package offered for sale by builders on the open market. Or you can build a new house on your own block of land.

If you are buying a newly constructed house on the open market, it must never have been lived in by anybody before.

What income and asset limits apply?

To be eligible for HomeShare you need an income. But that income must be below certain amounts.

The total amount of income you receive while remaining eligible for HomeShare, depends on your household “type” as shown in the Income Limits table below.

You must meet all the Bank’s eligibility criteria including acceptable sources of income.

If you are eligible, Tassie Home Loans will work out how much you can borrow.

Your financial assets must be no more than $100,000.

Financial assets include cash, savings, lump sum payments other than compensation payments, net fixed assets of a business, realised superannuation funds and shares, bonds and investments.

Your normal household assets are not included unless they are luxury items.

Tenants who rent a Housing Tasmania property are exempt from income and asset limits.

I’m not eligible, what are my options?

If you are not eligible for HomeShare but still need a home, there are other options available to you.

Contact Housing Connect to discuss your housing needs. Call them on 1800 800 588.


Table 1: HomeShare – Director’s Shared Equity Thresholds, 1 July 2019

HomeShare Director’s Equity Threshold for the purchase of new properties and House & Land Package
Commencing June 2020
HomeShare Director’s Equity Threshold for the purchase of existing homes (no change) Up to 30%


Table 2: Household Income Limits (Revised for Implementation in June 2020)

2 0 1,829 95,119
2 1 2,196 114,180
2 2 2,562 133,242
2 3 2,929 152,304
2 4 3,294 171,271
1 0 1,591 82,712
1 1 1,829 95,119
1 2 1,959 101,847
1 3 2,323 120,814
1 4 2,690 139,877

Income and asset eligibility limits are updated each year as of the 1st of July.

Homeshare - Am I Eligible

How much can I borrow?

How much you can borrow will depend on income. Any existing commitments you have such as credit/store cards or car/personal loans may affect the amount you are able to borrow.

You need to be able to repay the loan in full within 30 years.

Your loan repayments will depend on the amount you borrow, the interest rate applicable at the time and the loan term you choose.

Be aware that interest rates may rise during your loan term, which could result in increased repayments on your loans. If you fail to make your loan repayments, Bendigo and Adelaide Bank Limited may take action against you.

Financial assistance

If you buy or build a new home you may be eligible for the First Home Builder Boost. Tassie Home Loans can provide advice on eligibility requirements.

What are the costs?

You will need a deposit of five per cent of the purchase price.

Buying a house also involves paying taxes (duty) and a range of fees.

You will need to have a solicitor or a conveyance firm to process the buying of your share. You will receive $500 assistance from the Director of Housing towards the costs of conveyance, preparation of the mortgage documentation and the drafting of the power of attorney.

The only repayments you are required to make are those through your loan contract with Bendigo and Adelaide Bank Limited.

However there are other costs associated with owning your own home. You are responsible for paying rates, maintenance and insurance on the property.

You must always have property fire and general insurance. The policy must note the Director of Housing’s interest and Bendigo and Adelaide Bank Limited’s interest.

Anglicare has independent financial counselling for free. They can help you work out your budget and whether you can afford to buy a house. You can contact them on 1800 007 007.

Homshare - Am I Eligible

1800 687 377

Tasmanian Goverment
Bendigo BankTassie Home Loans