Owning a home has never been more challenging, with soaring costs and global uncertainties making it feel like an impossible dream for many. But for one MyHome customer, determination – and the right support – turned that dream into reality.
Standing outside their newly built home on Hobart’s eastern shore, they reflected on the journey. “I feel so lucky,” they said. “Young people today are facing so many challenges when it comes to homeownership. Having this support available has made the impossible, possible.” They had set their sights on homeownership early, purchasing a block of land at just 23 while still at university.
But when COVID-19 and other world events sent building costs skyrocketing, their plans nearly fell apart. “The cost was just getting away from me. I didn’t know whether to sell the land or keep saving,” they said. Then, a builder’s suggestion led them to a MyHome public information night – and everything changed. Through MyHome, the Tasmanian Government shares the upfront cost of purchasing a home, lowering mortgage repayments and requiring just a 2 per cent deposit. It was the break they needed.
Tasmania’s only customer-owned bank, Bank of us, became MyHome’s partner lender in 2022, helping over 1,700 people take their first step into homeownership. CEO Paul Ranson said the bank was committed to supporting first-home buyers through the challenges of today’s market.
“We were established 155 years ago to help Tasmanians achieve homeownership, and that hasn’t changed”
– Paul Ranson, CEO, Bank of us
“We know how tough it is for younger buyers, and it’s important they understand what options are available.”
For this MyHome customer, the process of buying and building was daunting, especially going it alone. The shared equity model added extra steps, but in the end, it was worth it. “I’ve been able to build the house I wanted without sacrificing anything. My builder (Ronald Young & Co) has been fantastic to work with,” they said. Ronald Young & Co Builders’ General Manager James Collins has seen firsthand how MyHome is making a difference. “Building a home can seem overwhelming, but MyHome provides a real opportunity. It’s giving people the stepping stones to achieve homeownership at an affordable entry point,” he said.
Homeownership is still a challenge in today’s market, but for this MyHome customer, persistence and the right support made all the difference. Interested in learning more? Visit the Bank of us website or call 1300 306 716.
Bank of us has 36,000 customers, seven retail stores statewide and more than $1.87 billion in assets. Lending criteria, terms and conditions, and fees and charges may apply to Bank of us products.
