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One of Queensland’s top homebuilders has launched an out-of-the-box initiative to help buyers span the deposit chasm and get into home ownership.
Privium Homes has launched the Deposit Boost program in partnership with Joii Money Ltd.
The program offers eligible Australians a low-interest secured loan, repayable over a 10- to 20-year term.
Privium Homes CEO and founder Robert Harder said that the loan is no different to other conventional loans, except for the availability of a longer term.
He said that the program is filling a gap created by tighter lending after the banking royal commission.
“It can be daunting to save 20 per cent of the purchase price, and it’s leaving an increasing number of young Australians with the perception that they’ll likely never achieve home ownership,” Mr Harder said.
“We’re supporting people who have good credit and can afford the repayments, but who are finding it difficult to save for a deposit in the traditional way.”
He said that the process is responsible.
“To ensure we are lending responsibly, and to people who can afford to repay the debt, applicants are subject to an application process and credit approval.
“For those who have been previously rejected finance for whatever reason, Joii Money is offering the Financial Awareness & Resilience Mentoring (FARM) program, which pairs an experienced mentor to work with potential buyers to achieve their unique goals.
“Over six individualised sessions, the mentor will cover issues such as self-awareness, understanding finances, developing smart strategies, achieving balance and direction and building resilience.”
Mr Harder said that the program will allow young people to buy their first home without going into a financially unstable position.
He said that the loan can cover other costs such as stamp duty and legal fees.
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