Homely provides a digital platform that enhances credit scores by reporting rental payments and offers a rewards system through HomelyBricks to help users save for home buying costs. The service includes personalized homebuying plans and educational resources to assist first-time buyers in navigating the complexities of homeownership.
Funding
Funding not disclosed
Founders
Product
Problem
First-time homebuyers face significant challenges in building credit and accumulating savings for down payments and closing costs, often delaying or preventing homeownership. Traditional methods of credit building may not adequately reflect rental payment history, and saving can be difficult amidst rising living expenses.
Solution
Homely offers a digital platform designed to improve credit scores by reporting rental payments to credit agencies, helping first-time buyers qualify for mortgages. The platform incorporates a rewards system called HomelyBricks, which allows users to earn rewards on everyday spending that can be redeemed towards home buying costs such as legal fees, insurance, and furniture. Homely provides personalized homebuying plans and educational resources, guiding users through each step of the process, from setting savings goals to finding properties and securing financing. The platform also features a digital assistant, FRED, that provides financial management support and answers home buying questions.
Target Audience
Homely primarily targets first-time homebuyers who are currently renting and need assistance with credit building, deposit savings, and navigating the complexities of the home buying process.
Features
- Rental payment reporting to enhance credit scores
- HomelyBricks rewards program for earning cashback on everyday spending, redeemable for home buying expenses
- Personalized homebuying plans with goal setting and progress tracking
- Deposit builder tools, including spend saving recommendations and automated savings plans
- Digital assistant (FRED) for financial guidance and home buying support
- Educational content, including videos and mini-courses, to explain homeownership concepts
- Integration with listed properties for instant offer capabilities
- MoveReady system to streamline the moving process