Homeowner, Katherine and son, Noah.
Katherine Johnston never imagined home ownership would be within reach. But her story has come to symbolise a recent milestone for the Tasmanian Government’s MyHome shared equity program, with 1000 loans delivered, helping thousands of Tasmanians secure a place to call their own.
Just months ago, Katherine and her two children - aged five and 15 - were renting, unsure what the future might hold.
“The house we were living in was about to be taken to market,” Katherine said. “As a single parent on a single wage, buying a home felt unachievable.
“It can be quite overwhelming looking at the market and trying to understand how you could ever make it work.”
It was a conversation with friends that pointed her toward the MyHome shared equity program, delivered by Homes Tasmania with customer-owned Bank of us the partner lender.
“They knew someone who had gone through the program and suggested I look into it,” she said. “I contacted the bank, made an appointment and it turned out to be the perfect fit.”
Through MyHome, eligible buyers can purchase a home with a 2% deposit, while the Tasmanian Government contributes equity in the property - reducing the amount buyers need to borrow, resulting in lower repayments.
For Katherine, the change has meant far more than simply owning a property.
“It’s changed my life - and hopefully it will change the lives of my kids as well,” she said.
“We’d moved about three times in five years, and I wanted stability for the kids - for their school, their sporting clubs and their friendships. It’s that sense of security.”
In a wonderful twist, Katherine raised the idea of buying the place she was renting - transforming her family’s situation in just a matter of months.
“I went from being the tenant to the owner,” she said.
“It will never be a millionaire’s mansion,” she laughs, “But it’s ours. I can do little things like painting and improvements to make it my own.”
Bank of us CEO Paul Ranson said reaching the milestone of 1000 MyHome loans was a powerful evidence of the program’s impact.
“We are incredibly proud when we see the real difference MyHome makes for our customers, and Katherine’s story is a moving example of that,” Mr Ranson said.
Find out more about MyHome
