“Young people today are doing it tough getting their first home"
Josh, new homeowner
Just when new homeowner Josh was losing hope, someone nudged him towards an information night for the Tasmanian Government’s MyHome shared equity program.
“I feel so lucky,” he said, speaking outside his home on Hobart’s eastern shore.
“Young people today are doing it tough getting their first home and we’re being faced with a range of global issues well outside our control
“Having this support available has made the impossible, possible.”
Josh set his sights on home ownership early, during his university years, buying a block of land when he was just 23.
He was in process of planning and designing his home when Covid hit which, coupled with other world events, caused the costs of building to surge.
“The cost was just getting away from me,” he said. “The situation was starting to feel a bit hopeless. I didn’t know whether to sell the land, or to sit on it and keep saving.
“Then my builder suggested I go to a public information night for MyHome, and it went from there.”
MyHome shares the upfront costs of owning your own home, which reduces the deposit you need and mortgage repayments. MyHome also requires only a 2% deposit, compared to the standard minimum deposit of 5%.
Tasmania’s only customer-owned bank, Bank of us, became the partner lender to MyHome in mid-2022.
Bank of us CEO Paul Ranson said Josh was now one of more than 1700 people who had achieved the dream of home ownership through MyHome.
“We were established 155 years ago to help Tasmanians realise the dream of home ownership,” Mr Ranson said. “In all the time since, that hasn’t changed.
“We know the state of the property market and cost of living has been challenging for people, especially younger customers. Which is why it’s important they know what all their options are.”
"I’ve been able to build the house that I wanted without having to sacrifice on anything"
Pictured L-R: Ronald Young Builders GM James Collins, Bank of us CEO, Paul Ranson, new homeowner Josh and Tasmanian Parliamentary Secretary for Housing and Planning Simon Behrakis.
Josh said the process of buying and building a home could be an anxious one for anyone, compounded perhaps because he was a young person going it alone.
“The process with MyHome is a bit more complicated because of the nature of shared equity,” he said. “There are a few more fingers in the pie.
“But it has been worth it. I’ve been able to build the house that I wanted without having to sacrifice on anything and my builder (Ronald Young & Co) has been great to work with.”
Mr Ranson said the Bank continued to work with Homes Tasmania to refine the application and approvals process, and that bank lending specialists were on hand to help at any stage of the process.
Ronald Young & Co Builders General Manager James Collins said the company had operated for more than 50 years, supporting the Tasmanian community, and had been engaged with the MyHome program since it started in 2022.
“We are excited to play our part in helping people just like Josh to enter the housing market, achieving their dream and finding the security of owning their own home,” he said.
“Building a home can seem daunting at first but MyHome provides an exciting opportunity and the stepping stones to build a brand new home - that you can design - and give you everything you need at an affordable entry point.”
Learn more about MyHome or call us 1300 306 716.
Bank of us has 36,000 customers, seven retail stores statewide and more than $1.87BN in assets.
Lending criteria, terms and conditions, and fees and charges may apply to Bank of us products.
