OwnHome launches in Brisbane to take on Bank of Mum & Dad
Backed by CommBank, Australian fintech OwnHome, has announced its official launch in Brisbane, offering homebuyers a new path to homeownership in the city. The launch follows a successful beta trial, which saw over 3,000 Queenslanders apply to try OwnHome’s new path to buying a home.
OwnHome’s mission is to pave a new path to homeownership by addressing the barrier many face in initially saving for a home deposit. In the current economic climate, Brisbane remains an Australian capital defying the large downward price drops seen in other markets.
OwnHome believes all Australians deserve the opportunity to build a life and family in the security of their own home. As part of its Brisbane launch, OwnHome has already supported four families into their dream homes over the past few months, with many more to come.
James Bowe, Co-Founder at OwnHome, said, “Brisbane is a vibrant city full of potential for many first homebuyers. We believe homeownership should be accessible to everyone, not just those with access to the Bank of Mum and Dad. Launching in Brisbane is a significant milestone for us, it means our team can help more hard-working Aussies get into their dream homes sooner. ”
Renowned for its subtropical climate and lifestyle, Queensland recorded the strongest population growth rate as more move to the Sunshine State. With home deposit requirements reaching record highs, many first home buyers are looking for alternative ways onto the property market.
“For those with their eye on the Brisbane property market, there’s no need to compromise on your dream home because of the deposit gap. At OwnHome, the average cost to secure a beautiful home is just under $30k. But our focus has always been on helping buyers make the right long-term purchase decision, rather than just getting customers into homes at any cost. Once moved in, we also support our customers with renos. Because owning a home is more than just having a roof over your head, it’s all the power that comes with it, and that could be as little as drilling a hole in your wall, or as big as adding in a family pool,” added Bowe.
The live-to-own model is a proven success in improving housing affordability in Singapore, the United States and the United Kingdom, where tens of thousands of families have used it to enter runaway property markets. OwnHome is pioneering the model in Australia, which bridges the gap between saving for a home deposit and getting a home that many Australians face. Once customers have been assessed and approved, OwnHome helps them to find, negotiate and purchase their property. Customers then take the keys and move in immediately while building their security deposit through fortnightly payments.
OwnHome is also available in Greater Metropolitan Sydney, Wollongong, Newcastle, and the Gold Coast.