Homeownership and wealth inequality stay one of many best threats to our society. OwnHome is fixing this by serving to hundreds of thousands of Aussies get previous the preliminary hurdle of saving for a house deposit earlier than they transfer into their dream residence. At this yr’s Fintech Awards, OwnHome had been awarded the Social Mission Award, in recognition of their work to get extra Australian’s out of the rental entice, and into their very own residence.
Why is housing affordability a rising concern?
Australian residence costs elevated 24% final yr alone, with the median home value in Sydney rising by $103,000 in simply 3 months from January to March 2021.
With homeownership declining quickly, the good Australian dream of proudly owning a house remains to be out of attain for hundreds of thousands of hard-working Aussies, who’ve the flexibility to repay their month-to-month mortgage however are unable to afford a 20% deposit.
It might shock you to be taught that about 60% of First Dwelling Consumers obtain direct help from ‘The Financial institution of Mum and Dad’. For these with out the advantage of intergenerational wealth, getting onto the property market is troublesome.
If we don’t act quick to construct new pathways to homeownership, the good Australian dream will die for this era.
How does OwnHome work?
OwnHome gives a new path to homeownership, supporting hard-working Australians, by permitting them to avoid wasting for his or her dream residence whereas they stay in it.
Whereas the rent-to-own mannequin is new to Australia, it is a vital plank of housing entry insurance policies in the USA, United Kingdom and Singapore.
- As soon as authorised, OwnHome works with you to search out, negotiate and buy your property. You pay simply 2% of the house worth upfront, with a further 1% going in the direction of your safety deposit.
- You’re taking the keys and transfer in instantly whereas constructing your safety deposit by way of fortnightly funds.
- After 2 years once you’re prepared, you should purchase the house on the pre-agreed value and turn into a home-owner, selecting any lender or residence mortgage service you want.
OwnHome was based in 2021, and has been backed by the Commonwealth Financial institution, international enterprise capital funds Sq. Peg and World Founders Capita, in addition to native VCs together with Afterwork and Potential Ventures.
OwnHome’s expertise is about greater than the house buy.
Shopping for your first residence is among the most vital choices you’ll make in your life.
OwnHome is in your nook each step of the way in which throughout this course of, serving to clarify most of the trickiest elements of shopping for a house.
- OwnHome helps navigate all the things from negotiations, pests and constructing studies, to strata and taxes, making this as streamlined and stress-free as potential.
- OwnHome focuses on rigorous valuations and astute negotiations so that you simply don’t don’t overpay in your dream residence.
- When you’re in your house, you’re protected beneath the regulation similar to each different tenant. So in case your faucet breaks, OwnHome will swing into motion to get it mounted totally free.
- OwnHome is staffed by an Australian-based crew who’re specialists within the residence shopping for course of, and accessible all through the acquisition expertise.
- Plus, OwnHome insists that prospects get impartial authorized or monetary recommendation in order that they’re assured that the live-to-own pathway to homeownership works for them.
Clients have already purchased and moved into their properties throughout Australia.
Dozens of households have already moved into their dream properties by way of the service.
“I questioned whether or not it was too good to be true. I all the time felt that there was going to be a catch, and to be sincere I stored ready for it. Nevertheless it by no means got here. One of the best half about my expertise with OwnHome has been that all the things was made clear to us upfront, and all the things turned out to be precisely as we had been advised it will be.” – Shwe, OwnHome Buyer since 2021.
From making use of to selecting and buying your dream residence, OwnHome acts with the utmost diligence.
“We concentrate on serving to consumers make the precise buy determination relatively than simply getting prospects into properties at any price. It’s a duty we take critically,” stated Tim Harley, Co-Founder at OwnHome and an OwnHome buyer.
“The expertise of turning into a home-owner by way of OwnHome was surreal. I positively respect how emotional the acquisition journey is, despite the fact that I understand how highly effective the data-driven OwnHome method to residence purchases is. It was nice to have a crew available to guide the method so I purchased a fantastic place at a fantastic value. Plus, it’s superb to have the ability to paint, renovate and dangle footage on the wall utilizing hooks that I banged in,” stated Tim.
“We’re extremely proud to have been awarded the Social Mission Award on the 2022 Annual FinTech Awards, and dedicate the win to all of our unimaginable prospects.”
To search out out extra about live-to-own, the brand new pathway to homeownership in Australia, discover OwnHome on-line.
About OwnHome and the way it works:
Based in 2021 by Tim Harley and James Bowe, OwnHome’s mission is to pave a brand new path to homeownership addressing the barrier many face in initially saving for a house deposit. Backed by CommBank, OwnHome believes all Australians deserve the chance to construct a life and household within the safety of their very own residence.
Via OwnHome, Aussies can apply for pre-qualification in simply 5 minutes. After approval, prospects can select nearly any residence in the marketplace. OwnHome helps navigate all the things from negotiations, pest and constructing studies, to strata and taxes to make this as streamlined and stress-free as potential. As soon as the shopper finds their dream residence, OwnHome then buys it for them.
Clients pay an quantity equal to renting and saving for a deposit for that very same residence. However they get to maneuver into the house instantly, could make renovations, and profit from capital positive factors of the property.