OwnHome is a company backed by CBA and provide a no deposit option with second mortgage finance. This is different to a shared equity program like the Bricklet program where AMP Bank provide the first mortgage and investors provide the deposit for a share of equity in your home.
To understand the differences, you can call our expert team on 1300 733 253 to find out more.
If you've already saved around $20,000, we can conditionally pre-approve your application and start the process with you. Some properties may also be available with a $0 deposit. Get started now with your Low Deposit Home.
Call our team on 1300 733 253 to find out more.
AMP Bank is the first bank to partner with Bricklet for this shared equity opportunity for people to own their home sooner with low deposit.
"We were so happy that we could buy the house we were renting in as the landlord was looking to sell. Without a deposit we had no chance."
"Thanks to Bricklet's equity share program, I was able to enter the property market and purchase a home that I love. I can't believe how easy the process was, and I'm so grateful for the opportunity."
"Bricklet's equity share program allowed me to purchase a property that I wouldn't have been able to afford on our own. I'm thrilled with my decision and couldn't be happier."
"We never thought we could save enough deposit to buy a home, but Bricklet's equity share program made it possible. We're so happy to starting our family in our own home!"
"Bricklet's equity share program allowed me to purchase a home now and not wait to save a massive deposit. So excited to be in my own home!"
"Thanks to Bricklet, we were able to own our dream home with a very small deposit and make it a reality. It's been an amazing experience!"
Property Funds will buy between 20-40% of your home as shared equity ownership. For the portion of the home you own, you make mortgage repayments to the participating lender. For the portion of the home the investor owns, you pay the investor an occupancy fee. This system replaces the need for you to save a traditional 20% deposit.
Shared home ownership was launched to help home buyers purchase their home with a deposit from as little as $20,000. As the homeowner, your small deposit together with a shared equity home loan makes purchasing your property more affordable by allowing you to purchase up to 80% of the value of the property.
Property investors own the other 20% of your property and you pay them rent on their share of the property. You have the same rights to occupy or even sell your property just like a normal homeowner. The shared home ownership model makes owing your own home much more affordable and gets you into your own home sooner.
We have formed partnerships with investors, property developers and lenders to make everything easy for you as we guide you through the process. You will retain the majority ownership of the property and control over how it is used. You will pay the mortgage repayments on the part you own, as well as the market rental rate to the investor on the portion they own. If and when you decide to sell the property, the investor will receive their share of the profit.
Equity share schemes have been proven successful by state and federal governments. This innovative solution enables silent, passive investors to acquire equity in your home (typically 20-30%) so that you as the owner-occupier only need to mortgage the remaining cost of the home. From the lender's perspective, if a 20-30% deposit has already been paid by an investor, the lender's risk is sufficiently reduced and the maximum deposit they will ask you to pay will be minimal.
The equity share can be purchased back at any time, either in pieces or on whole. At the time the homeowner wants to purchase, an external valuation is completed, and the price of the equity share is calculated as a percentage of that value.
No, there is no time limit to the equity share ownership.
The homeowner can sell the house at any time. The mortgage is paid off and the equity share is paid back as a percentage of the sale price. The homeowner keeps anything remaining.
Yes, you can purchase any property as your home with this equity share model so long as the bank will provide the mortgage on the property as they may have their own criteria.
If you are eligible for any government help to purchase your home, you can still use that with this equity share model.
There are a number of mortgage brokers that are already experts in this model and they will help you with you finance application.