In this guide you’ll learn:
Median house prices across Australia have soared to over $1,000,000 and for many Australians an eye watering deposit of $200,000 is a seemingly impossible hurdle to overcome.
This dilemma intensifies for the many millennials concentrated in Australia's capital cities, like Sydney, where the median house price has reached $1,600,000, requiring a $320,000 deposit plus $73,300 for stamp duty.
High loan to value ratio products with Lenders Mortgage Insurance offer other options, but can still require a hefty upfront payment.
Rent-to-own is an emerging pathway to homeownership in Australia that allows you to live in your home while saving for it. A mature path to homeownership overseas in the United States, Canada, and the United Kingdom- rent-to-own has a long history of helping people into their homes.
As of 2022, Australia has started to see widespread support for this model of homeownership.
An alternative to the traditional renting and saving. Think of it as ‘live now, pay later’. Move immediately into your dream home.
Leave the rental lifestyle behind.
No more removalist fees, rental inspections, or unexpected increases in rent.
Read more about the benefits of Rent-to-own
The process is simple and can be broken down into 7 steps:
Approximately 4.5 million Australians between the ages of 18 to 35 don’t own the home they live in, and about 60% of young Australians who manage to purchase their first home receive financial support from “The Bank of Mum and Dad”.
Rent-to-own may be for you if you are an individual, couple, or family that:
Most importantly, rent-to-own is for individuals or families that want to jumpstart their homeownership journey and turn a monthly expense into a long-term investment.
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James
Bowe
James Bowe
James is the Co-Founder at OwnHome whose mission is to turn renters into homeowners. OwnHome allows customers without deposits, to save towards their home while they live in it.