Tasmanian-based Bank of Us is set to replace Bendigo and Adelaide Bank in delivering Tasmania's 'Housing Market Entry Program' from 1 July, formerly called HomeShare.
Applicants who have pre-approved finance through the program with Bendigo and Adelaide Bank can still access the finance until 31 December.
This comes after the government doubled the program to a maximum of $200,000 or 40% of the purchase price of the home in March, applying for new builds, first home buyers, and downsizers.
Federal Labor recently announced a 'Help to Buy' scheme similar to Tasmania's program, offering 10,000 homebuyers the opportunity to enter the property market with as little as a 2% deposit without needing to pay lenders mortgage insurance (LMI).
Guy Barnett, Tasmanian Minister for State Development, Construction and Housing said the shared equity scheme will help people achieve home ownership by reducing the costs of buying a home, because the costs are shared with the Director of Housing.
"Assistance will include a maximum contribution of $200,000, or 40%, of the purchase price of a new home or house and land package, and up to a maximum of $150,000, or 30%, for the purchase price of an existing home," Minister Barnett said.
"This new program will not impact existing HomeShare participants who are currently funded by the Bendigo and Adelaide Bank."
Building a home? This table below features construction loans with some of the lowest interest rates on the market.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Row Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.18% p.a. | 6.44% p.a. | $2,575 | Interest-only | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | |||||||||||
5.94% p.a. | 5.96% p.a. | $2,978 | Principal & Interest | Variable | $0 | $350 | 80% | Disclosure | |||||||||||||
6.19% p.a. | 6.25% p.a. | $2,579 | Interest-only | Variable | $0 | $835 | 90% | ||||||||||||||
6.39% p.a. | 6.78% p.a. | $2,663 | Interest-only | Variable | $null | $721 | 90% | ||||||||||||||
6.53% p.a. | 6.56% p.a. | $2,721 | Interest-only | Variable | $0 | $450 | 80% | ||||||||||||||
6.69% p.a. | 6.66% p.a. | $2,788 | Interest-only | Variable | $0 | $530 | 90% | ||||||||||||||
6.99% p.a. | 7.76% p.a. | $2,913 | Interest-only | Variable | $20 | $644 | 90% | ||||||||||||||
8.14% p.a. | 8.47% p.a. | $3,718 | Principal & Interest | Variable | $0 | $0 | 75% | ||||||||||||||
8.45% p.a. | 7.53% p.a. | $3,521 | Interest-only | Variable | $0 | $1,212 | 90% | ||||||||||||||
8.43% p.a. | 8.50% p.a. | $3,820 | Principal & Interest | Variable | $0 | $900 | 80% | ||||||||||||||
6.19% p.a. | 6.61% p.a. | $3,059 | Principal & Interest | Variable | $395 | $null | 95% | ||||||||||||||
5.43% p.a. | 6.02% p.a. | $2,817 | Principal & Interest | Variable | $350 | $0 | 90% |
Image by Nico Smit via Unsplash
Ready, Set, Buy!
Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!
With bonus Q&A sheet and Crossword!
Denise Raward
Harrison Astbury
William Jolly
Rachel Horan
