Labor has our priorities right and we are putting forward a positive plan to address the housing crisis in Tasmania.
Housing affordability is getting worse in Tasmania, both for renters and aspiring home owners.
Labor wants to see more Tasmanians owning their own home, which is why we are expanding the MyHome program, boosting funding by $20 million.
Labor’s expansion of the MyHome scheme will see 200 more Tasmanians being able to get a foot in the door of home ownership, by enabling them to buy a home with a deposit of just 2 per cent.
Our policy to expand the MyHome program complements our other housing policies aimed at tackling the housing crisis at every part of the housing system.
Our Build to Rent scheme will provide more affordable rentals for Tasmanians, and our plan to regulate the short stay market, including our policy to put a pause on new whole-home short stay permits will also help prevent the loss of any more rental housing from the market.
Labor believes supporting renters, first home buyers, as well as increasing supply of social and affordable housing are the right priorities for Tasmania.
Fast facts: Labor’s plan to expand the MyHome program
Outcome:
- To see more first home buyers enter the housing market.
- The policy will enable more renters on average incomes to realise the dream of home ownership, without affecting the operating position of the budget.
Incentives:
- Raise the income threshold limits to participants.
Current Our Changes
Single (no children) $87,509 | Single (no children) $120,000 |
Single (one child) $100,636 | Single (one child) $130,000 |
Single (two children) $107,754 | Single (two children)
$140,000
|
Couple (no children)
$100,636
| Couple (no children) $140,000 |
Couple (one child)
$120,802
| Couple (one child) $150,000 |
Couple (two children)
$140,970
| Couple (two children) $160,000 |
- Providing an equity injection of $20 million to homes Tasmania to increase the available grants
- Additional tax concessions available for developers who provide affordable housing, as well as long-term leases
Eligibility:
- First home buyers using the MyHome scheme may only purchase new builds. This avoids increasing demand for existing stock and inflating prices.
- Eligibility will also be extended to include siblings (e.g. two brothers purchasing a house together).
- MyHome will also be extended to people who are not first home owners but who have not owned a property for 10 years (e.g. someone who has not owned a property since divorce).
Cost:
- The policy as outlined would initially require a $20m equity injection to Homes Tasmania. This would affect the net debt position but not the operating balance.
- Depending what is done with the funds once people buy out the Government or sell the property, and whether capital appreciation exceeds the Government’s borrowing rates, in the longer term the policy could result in lower overall borrowings as well.
May 30 2023