Tasmania’s own Bank of us to help more Tasmanians own their own home

Tasmanian customer owned bank, Bank of us, has been announced as the successful provider of the Tasmanian Government’s improved home ownership program.

From 1 July, the improved program provides a more generous eligibility and expanded assistance to help Tasmanians build or buy their own home, with as little as two per cent deposit.

Bank of us CEO Paul Ranson said the partnership with the Tasmanian Government is part of Bank of us’ strategy to deliver on its brand promise to be the Bank of the community and to help more Tasmanians to achieve home ownership.

“As a customer owned bank, we reinvest our profits to benefit our customers and the community. The program provides us with another opportunity to give back to our community by helping more Tasmanians get into their own home,” said Mr Ranson.

“We were established in 1870, with a sole purpose of providing housing finance to Tasmanians and now, 152 years later, we are in the enviable place of being able to hold true to our original purpose - providing housing finance to Tasmanians through competitive market rates, and innovative partnerships.”

Mr Ranson said that Bank of us has helped improve housing outcomes for Tasmanians through other partnerships with like-minded Tasmanian companies.

“We recognised the issues facing Tasmanians in relation to housing affordability and housing shortages and over the years, we have partnered with Tasmanian builders and developers to provide innovative funding concepts so that more Tasmanians could own their home.”

“With this shared equity program, Tasmanians, whether they are a first home buyer or not, and who have been struggling to save a deposit to buy a home will also have the chance to achieve their home ownership dreams,” said Mr Ranson.

The program makes it easier to save for a deposit and reduces the ongoing costs of owning a home because the costs are shared with the Director of Housing.

To help with the transition from the existing shared equity scheme, HomeShare, Bank of us is now taking all new enquiries for the both the new and the existing program.

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