Lately, Robbie Tynan and his family, including a cat and a dog, have been living in cramped quarters in the house of his mother-in-law in Launceston.
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"She likes her own space," he said.
"So she'll be happy that we are moving out in a few weeks."
That is when the Tynan family is set to move into their new home at Longford, purchased as part of the state government's revamped MyHome Shared Equity Program, which was relaunched on Friday in Launceston by Housing Minister Guy Barnett.
The scheme allows eligible Tasmanians to buy certain houses with up to $200,000, or up to 40 per cent, equity participation of the state government. The required up-front deposit is 2 per cent.
It is now delivered through Tasmania's Bank of us - the previous iteration involved Bendigo Bank and Adelaide Bank.
Mr Tynan said he purchased his Longford house for $415,000, but only needed to borrow $315,000, (including the deposit) to fund the purchase.
The balancing $100,000 was contributed by the state government, and does not need to be repaid until the home is sold or the loan refinanced.
Relaunching the scheme, Mr Barnett said the program was part of his strategy to build 10,000 new homes in the state by 2032, and 1500 more by June next year.
"This is about creating more affordable homes, supporting Tasmanians and assisting them into their new home," he said.
"It's encouraging to get Tasmanians into their own home so they can build that independence and reach their full potential."
He described the scheme as a "nation-leading program".
It's encouraging to get Tasmanians into their own home.
- Housing Minister Guy Barnett
"Other states are now asking Tasmania how we have done it and likewise, the federal government also expressed interest in our program ... so I definitely think Tasmania is leading the way for Australia," Mr Barnett said.
Mr Tynan said there was "no way we would have been able to" buy the home without the scheme.
"It's too much of a stretch ... with all the price rises and things that have happened."
There are some catches with the scheme, he said.
These included the large number of "hoops to jump through" to gain approval with both the bank and the state government's Director of Housing.
Participants are also locked into using a slightly more expensive bank loan product.
The Bank of us' FlexiChoice MyHome Home Loan has a variable rate of 3.36 per cent, versus 2.74 per cent for its variable FlexiDiscount Home Loan - a $60,000 difference over the loan life.
However, the state's participation in the Myhome scheme would more than offset this difference, a bank spokeswoman said.
