Celebrating 1000 MyHome Customers

New homeowners, Jarrod and Billy are keen to spread the word about the Tasmanian Government’s MyHome program, for which Bank of us is the partner lender.

Launched in July 2022, MyHome has passed the milestone of helping 1000 Tasmanians realise the dream of home ownership.

“It feels like there is so much more control when you own your own home,” Jarrod says. “There’s a comfort knowing that it’s ours and that we don’t have to move again.”

Under the MyHome program, the Government puts money towards the purchase, taking a share in the ownership of the property, which gives eligible home buyers more purchasing power and/or reduces their loan repayments.

MyHome customers need only a 2% deposit, rather than the standard minimum 5%, eliminating another significant barrier for Tasmanians.

In their early 20s, Jarrod and Billy were renting a one-bedroom flat and saved hard to put together the start of a deposit.

They began looking across communities such as Wynyard, Somerset and Burnie, and struggled to find anything in their $250,000-$300,000 price range.

They don’t remember how they became aware of MyHome – something on Facebook or an advertisement maybe – but it proved to be a game changer.

“The more we looked into it the more it made sense,” Jarrod says.

They met with Bank of us lending specialist Joanne White and everything just fell into place.

“It was actually easier than we thought it was going to be,” Billy says. “Our first appointment was meant to be for an hour, but we went for two hours."

“Jo went through every single detail – answered every question we had. She was amazing.”

With the confidence which comes from knowing their lending power, they went back to the market.

“When I first saw the house I knew it. I was like, ‘That’s our home,” Jarrod said.

They are now enjoying life in a three-bedroom home, with a shed for Jarrod’s project car.

Under the MyHome program, home owners have the option of paying the Government equity back when they can, or upon the future sale of the property.

For Jarrod and Billy, they just want to spread the word.

“We have a cousin who is looking into it now, along with one of our neighbour’s children,” they say.

“There is so much going on which is making it hard for people to get into the housing market.
We just hope more people are able to access support through the MyHome program.”

To learn more about MyHome, visit our MyHome page to read the information guide, scenarios and eligibility checklist. If you have questions, get in touch with our team of home lending specialists who can answer your queries and work through the process with you.

MyHome is a Homes Tasmania initiative. To learn more about Homes Tasmania click here: Homes Tasmania - MyHome MyHome eligibility criteria and conditions apply. Bank of us lending criteria, terms and conditions, including fees and charges apply. Full details are available on application.