In 2020, we launched a new home loan, Hume Bank HomeBuilder, which was specifically designed for our local regional market to support new home constructions and renovations.
We committed $50 million in lending specifically to our HomeBuilder home loan. We were proud to offer our then lowest ever 2-year fixed rate of 1.99% to locals within 150km radius of Albury Wodonga to establish and improve their homes.
It also allowed us to support local builders and encourage the community to utilise local trades and suppliers to continue to grow our regional community. Together with our 16 local building partners, the HomeBuilder home loan enabled over 201 families to build or renovate their homes.
With more than 10% of local employment in the construction and real estate industries, our goal is to support local people who are building local houses, using local trades and suppliers to the greater economic benefit of the region.
In a first for the region, we took a leadership role in supporting the local economy and proudly launched our HomeBuilder home loan. Following newly established government incentives to support the increase in demand for construction, we saw an opportunity for Hume Bank to play a role in stimulating the local construction industry by committing $50m in low-cost funding. Working alongside local building partners, we offered a low-rate fixed home loan to customers residing within our local region to support them building and renovating their dream homes using local trades.
Our response to the pandemic showed how a customer owned bank can mobilise to support each other when facing immediate financial uncertainty