The Commonwealth and Tasmanian Governments have struck a deal to unlock around 4,000 homes, including up to 2,101 homes exclusively for first home buyers.
The deal is another key step towards delivering the Commonwealth Government's election commitment to help build 100,000 homes for first home buyers, in partnership with state governments and industry.
The Tasmanian Government has agreed in-principle with the Australian Government to lock in Tasmania's share of the housing and funding under the 100,000 homes for First Home Buyers program.
The Commonwealth Government will provide $165 million in support for the deal through $115 million in concessional loans and $50 million in grant funding. The agreement will also include funding and land contributions from the Tasmanian Government and local Tasmanian councils.
The program will deliver enabling infrastructure in Brighton, Sorell and Meander Valley, unlocking around 2,700 homes, with almost 1,100 reserved for First Home Buyers under the program.
The Australian Government will provide a concessional loan for up to $35 million to enable Tasmania to commence the enabling infrastructure projects sooner, alongside undertaking necessary state budget processes.
The state will also access concessional loans of up to $80 million to support the construction of more than 2,000 new homes for first home buyers around the state, primarily around key population centres of Hobart, Launceston, Devonport and Burnie.
The first of these new homes will be delivered to market from 2027-28.
This commitment supports the Commonwealth Government's $45 billion plan to build more homes and make them easier for first home buyers to buy, which includes:
This deal between the Commonwealth Government and Tasmanian Government represents a great step forward for Tasmanians.
Quotes attributable to the Minister for Housing, Clare O'Neil:
"We're determined to make it easier for young people and first home buyers to achieve the dream of owning a home – with no competition from investors.
"Thanks to this agreement we've reached with the Tasmanian Government, there will be thousands more Tasmanians getting the keys to their own home.
"We know the housing market is tough in Tasmania, and we want Tasmanians to know that Labor has got your back."
Quotes attributable to the Tasmanian Minister for Housing, Kerry Vincent:
"Every single house built in Tasmania makes a difference, and this partnership is a huge win for the entire state.
"We welcome this investment by the Australian Government into Tasmania, and I look forward to thousands of extra homes being built in high growth areas, especially the 2,101 being built for first home buyers.
"We want as many Tasmanians as possible enjoying the security of owning their own home and delivering more supply is central to achieving this goal."
