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.

Update resultsUpdate
Filters
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.14% p.a.
6.20% p.a.
$2,047
Interest-only
Variable
$0
$835
70%
6.43% p.a.
6.68% p.a.
$2,143
Interest-only
Variable
$0
$530
90%
  • Interest Only during construction
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6.43% p.a.
6.68% p.a.
$2,143
Interest-only
Variable
$0
$530
90%
6.45% p.a.
6.20% p.a.
$2,515
Principal & Interest
Variable
$0
$1,520
60%
6.74% p.a.
6.42% p.a.
$2,247
Interest-only
Variable
$0
$600
90%
6.92% p.a.
6.95% p.a.
$2,307
Interest-only
Variable
$0
$300
80%
6.94% p.a.
7.19% p.a.
$2,313
Interest-only
Variable
$0
$530
80%
7.09% p.a.
7.45% p.a.
$2,363
Interest-only
Variable
$0
$500
80%
7.81% p.a.
7.84% p.a.
$2,882
Principal & Interest
Variable
$0
$600
69.99%
8.29% p.a.
8.62% p.a.
$3,016
Principal & Interest
Variable
$0
$0
80%
8.56% p.a.
8.58% p.a.
$2,853
Interest-only
Variable
$0
$600
69.99%
8.68% p.a.
8.75% p.a.
$2,893
Interest-only
Variable
$0
$800
95%
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Image by Nico Smit via Unsplash



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