First Home Buyers Loan Hobart, Tasmania
Buying your first home is an exciting milestone, but it can also be overwhelming. At Zanda Wealth Mortgage Brokers, we make the journey to home ownership in Tasmania straightforward and stress-free. With our deep knowledge of the Tasmanian property market and access to a range of loan options, we help first-home buyers secure the best deals and government grants available.
Start Your Property Journey with Zanda Wealth Mortgage Brokers

Discover the Right First Home Buyer Loan
Essentials for Your First Home Loan in Tasmania
Securing a home loan in Tasmania involves understanding the basics:
- Apply for the First Home Loan: Start by assessing your financial situation and calculating your borrowing power using our loan calculator. This helps determine the purchase price range within your budget.
- Build a New Home or Buy an Existing Home: Decide whether you want to build a new home or purchase an existing home. Each option has unique benefits and considerations.
- Understand Home Ownership Costs: Be aware of all costs involved, including property value, loan interest, and additional fees.
First Home Owner Grant (FHOG) in Tasmania
The First Home Owner Grant (FHOG) is a valuable government grant for first-home buyers in Tasmania:
- Government Grant in Tasmania: The FHOG is a one-off payment to assist first-home buyers with the purchase or construction of their first home.
- Grant Eligibility: To be eligible, you must be an Australian citizen or permanent resident buying a new home or building a new home as your primary residence.
- Application Process: Apply for the FHOG through the Tasmanian State Revenue Office. Ensure all required documents, including proof of identity and property purchase details, are ready.
Eligibility Criteria for First Home Buyer Loans
Understanding the eligibility criteria is crucial for securing a first home loan:
- Eligibility Requirements: You must be an Australian citizen or permanent resident and meet the Tasmanian government’s criteria for first-home buyers.
- Property Value Limits: Ensure the property value does not exceed the limits set by the state revenue office.
- Privacy Policy Compliance: Provide accurate information and comply with our privacy policy during the loan application process.

Pre-Approval and Deposits
Loan Pre-Approval for First Home Buyers
Getting pre-approval for a home loan is a crucial step for first home buyers in Tasmania. Pre-approval gives you a clear understanding of your borrowing power and shows sellers that you are a serious buyer. Our mortgage brokers can help you navigate the pre-approval process, ensuring you meet the eligibility criteria and have the necessary documentation. With pre-approval, you can confidently make offers on your dream home.
Saving for a Deposit to Buy Your First Home
Saving for a deposit is often the biggest hurdle for first-time buyers. The First Home Loan Deposit Scheme and various government grants can significantly assist in this process. Eligible first home buyers in Tasmania may access these schemes to reduce the deposit required, making it easier to purchase their first home. Additionally, using a borrowing power calculator can help you understand how much you need to save and how different loan products can impact your budget.
Government Incentives and Schemes
First Home Owner Grant (FHOG)
A first home owner grant is available to eligible applicants who purchase or build a new home in Tasmania. A new home is defined as one that has not been previously occupied or sold as a place of residence, including kit homes. The amount of the grant varies based on the date the eligible transaction commenced:
- Transactions commencing from 1 July 2024 will be eligible for $10,000.
- Transactions that commenced between 1 April 2021 and 30 June 2024 will be eligible for $30,000.
MyHome Shared Equity Program
Under the MyHome shared equity program, eligible home buyers can purchase a home with a 2% deposit. Homes Tasmania contributes up to 40% of the purchase price (up to $200,000) for a new home or 30% for an existing property (up to $150,000) in exchange for equivalent equity. Homes Tasmania’s share must be paid out within 30 years.
Stamp Duty Concessions for First Home Buyers
While there are no stamp duty exemptions for first-home buyers in Tasmania, eligible first-home buyers can receive a 50% concession for properties valued under $600,000. This concession significantly reduces the upfront costs associated with buying a home, making homeownership more accessible.
First Home Loan Deposit Scheme
The First Home Loan Deposit Scheme (FHLDS) helps first home buyers purchase a home with a deposit as low as 5%, without the need for Lenders Mortgage Insurance (LMI). This scheme is available for eligible applicants and can significantly lower the barriers to home ownership. It supports the purchase of both established homes and new builds.
Comprehensive Loan Feature Comparison
Interest Rate Options for First Home Loans
Choosing the right home loan involves comparing different interest rate options. Fixed-rate loans offer stability, while variable-rate loans provide flexibility. Split loans combine both, giving you the best of both worlds.
Repayment Flexibility and Loan Portability for First Home Buyers
Look for loans that offer repayment flexibility, such as the ability to make extra repayments without penalties. Loan portability allows you to transfer your loan to a new property without significant costs, which can be beneficial if you decide to move.
Lenders Mortgage Insurance (LMI) for First Home Buyers
Understanding Lenders Mortgage Insurance (LMI) is crucial for first home buyers in Tasmania with a low deposit. LMI is required by lenders when a borrower has less than a 20% deposit, protecting the lender in case the borrower defaults. This insurance can significantly increase your loan costs and monthly repayments. However, government schemes like the First Home Loan Deposit Scheme (FHLDS) allow eligible Tasmanian buyers to purchase a home with a deposit as low as 5% without needing LMI, saving you money.
Buy Your First Home in Tasmania
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Contact Us Today for Personalised Guidance on Buying Your First Home in Tasmania
Zanda Wealth Mortgage Brokers is here to help you navigate the journey of buying your first home. From understanding your borrowing power to securing the right home loan, our team provides expert advice and support every step of the way. Contact us today at (03) 6128 3006 to discuss your options and book a free strategy session. Take advantage of the available government grants and schemes designed to help first-time buyers achieve their dream of home ownership.
