OwnHome offers a Deposit Boost Loan that allows aspiring homeowners to purchase property with just 2.2% of the property value upfront, effectively bridging the deposit gap that often prevents renters from becoming homeowners. The service includes personalized support from a dedicated buyer's agent, facilitating the home buying process while eliminating the need for lender's mortgage insurance.
Funding
$27.5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
SPXFounders
Product
Problem
Many aspiring homeowners struggle to save the large deposit required by traditional lenders, delaying or preventing them from entering the property market. This deposit gap is a significant barrier, particularly for those with stable incomes but limited savings.
Solution
OwnHome offers a Deposit Boost Loan that enables individuals to purchase a home with only 2.2% of the property value upfront, effectively bridging the deposit gap. This service eliminates the need for Lender's Mortgage Insurance (LMI) and provides access to a dedicated buyer's agent who offers personalized support throughout the home-buying process. OwnHome accepts home loans from any bank or lender, providing flexibility in choosing a suitable mortgage product. Customers repay the Deposit Boost Loan alongside their regular mortgage with principal and interest payments.
Target Audience
OwnHome primarily targets aspiring homeowners in Australia who have stable incomes but lack the substantial deposit typically required to secure a mortgage.
Features
- Deposit Boost Loan requiring only 2.2% of the property value upfront
- Elimination of Lender's Mortgage Insurance (LMI)
- Access to a dedicated buyer's agent for personalized support and guidance
- Acceptance of home loans from any bank or lender
- Flexible repayment options with principal and interest payments
- Discounts on repayments and the Low Deposit Premium for customers contributing 5% or more as a deposit
- Custom OwnHome tool to streamline the home-finding journey
- Fee-free early repayments