Raiz Home Ownership to help more Aussies purchase their own property
Owning a home has been the great Australian dream for many generations. But for younger people it has often seemed out of reach.
But according to a member survey conducted by Raiz, 42% said they are planning to buy a property in the next 12 months.
So, to help Aussies realise their dream, Raiz Invest has launched a new service called Raiz Home Ownership. This gives Raiz customers access to qualified home specialists who will guide them through loan products from up to 50 banks and lenders. These specialists will assist in understanding the incentives available for first home buyers, which is an important first step when saving for a deposit.
Raiz Home Ownership is also part of the popular Raiz Rewards program. That means when a customer purchases a home using a lender through the platform, Raiz will invest $300 into the Raiz Invest or Raiz Super Account upfront, and while the loan is outstanding, $12.50 a month ongoing, no matter who they choose as their lender. Raiz will also plant 12 trees each year the loan is in place.
“Raiz Home Ownership is a natural evolution for Raiz Invest,” said Brendan Malone, CEO of Raiz Invest Australia.
“Raiz customers typically open their accounts between 18-24 years of age, before they are in a position to purchase a home. But once they are ready, they may take all their investments to put towards a deposit for a home and may or may not continue to invest through Raiz Invest and instead put more towards their mortgage in offset.
“Raiz Home Ownership allows our customers to continue to invest in Raiz, either by round-ups or through the upfront reward and the $12.50 payment each month. This keeps them connected with the community and lets them continue to learn more about investing, markets and general financial literacy,” Malone adds.
Raiz Home Ownership is for customers who are saving for a mortgage or who have built up a deposit. It can also be used to refinance for people with an existing property.
“Around 66 per cent of the people we have engaged have been First Home Buyers and we are focusing our education on this group,” Malone adds. “Our incentives being offered we believe are competitive and keep customers within the Raiz ecosystem.”
Since Raiz Home Ownership was launched earlier this month, 46 per cent of actual leads progressed have been for first home buyers and 54 per cent for refinancing.
“Customer service through the application process and beyond the loan application is another important part of our role,” Malone continues. “The Raiz Home specialist team will call the customer at least once a year to check in and assess their situation, which is not typical for lenders at this end of the market.
“We are taking the pressure away by guiding customers through the lending process. Our team will negotiate with the lender and will provide options to ensure a smooth experience to get people into a new home or refinance an existing loan,” Malone concludes.
