Frequently Asked Questions

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If I can afford a mortgage now, why should I do OwnHome?

OwnHome can help you buy your dream home in several ways, even if you have already saved for a deposit. For instance, you may not be happy with the loan amount that a mortgage lender has approved you for. If a better home is a little out of reach using this traditional path, we can buy it for you and you can move in, take a bit more time and save up or get qualified for a higher loan amount and buy it back from us with no hassle. You could think of it as a home ownership boost in this situation.

Another way that OwnHome helps those who have already saved a deposit is through our cash offers. You will have a much higher chance of winning the home you want this way, and we can use this to also negotiate better prices and concessions for you. OwnHome also handles the entire home buying process for you, from negotiation to inspection to make sure the home is good quality. This will likely be the first time you are buying property, but it’s not our first rodeo and know what to look for, what's a good deal and what's good quality!

What are Purchase Credits?

With each monthly payment, you'll earn Purchase Credits, which add up to a percentage of your OwnHome Home's price when you’re ready to buy it for yourself. It's like cash back on your rent. With the help of these Purchase Credits, you can buy your OwnHome Home from us even sooner than expected by applying them to the home’s price. As a result, a mortgage with a lower deposit becomes much easier for you!

How does OwnHome make money?

We make money from the rent you pay us and the appreciation of the house during the rental period. For instance, if you pick a home priced at $800,000, and you decide to buy it from us after three years, you'll buy it from us for $893,000 and get to put your Purchase Credits towards this. Our profit from selling the home to you allows us to keep doing what we do and turning more renters into homeowners.

How does OwnHome compare to a mortgage?

OwnHome is a great stepping stone to a mortgage, which we’ll help you get.

A mortgage loan is how most Australians buy their home. However, they require hefty deposits, closing costs and approvals from third parties (banks, appraisers etc). When you are ready to secure a mortgage to buy out OwnHome and take title to the property you are living in, OwnHome will be here to help you navigate that process. With a mortgage, you own legal title to the property and the bank (mortgagee) has the right to initiate foreclosure in the event of default of payments.

With the OwnHome path to home ownership, OwnHome retains legal and equitable title, however, as the customer you have a contractual right (option) to purchase the property at a pre agreed price and can use the purchase credits accrued toward that pre-agreed purchase price. If you decide not to exercise the option, or default on the rental payments, OwnHome has the right to terminate the option-lease contract and you will forfeit the purchase credits in line with the vesting schedule.

How does OwnHome compare to renting?

OwnHome allows you to rent a home, and build Purchase Credits towards it until you can buy it using a mortgage. OwnHome allows you to move into your dream home and customize it from day 1, so you don’t have to move again when you transition to home ownership.

With OwnHome you can make renovations (subject to OwnHome approval) to really make the home feel like yours.

Renting typically does not allow for much flexibility throughout the entire process. For instance, when looking for a rental property, you are limited by the market - not every home is available to rent. Once living in a rental home, you typically don’t have the option to purchase the home and do things like make renovations.

Is OwnHome a lender?

No, OwnHome is not a lender and you are not getting a mortgage. OwnHome buys the home, OwnHome retains title to the property and you make monthly payments. You will also have the exclusive right to buy the home from OwnHome and the purchase price will be determined upfront according the pre-agreed schedule of home-price appreciation of 3.75% p.a. No surprises!

What is OwnHome?

OwnHome has designed a program that allows our customers to move into their dream home right away and without a deposit. Think of it as fast forwarding homeownership! 

OwnHome will buy your dream home for you today and we give you the ability to purchase the property from us on your schedule. Lock in your monthly payment, lock in the purchase price and stop wasting your money on rent.

You have the exclusive option, but not the obligation, to follow through on your property purchase. However, if you decide not to follow through on the property purchase, you will forfeit a portion of your Purchase Credits (depending on how long you have been with us).


Why might my application be denied?

We take several factors into consideration when reviewing an application. You could be declined because of your rent-to-income ratio, debt-to-income ratio, credit profile, or because we are not operating in your state.

How do you decide my home budget?

Our prequalifiction process is rigorous. Your home budget is the maximum house price that allows you to (1) make monthly rent payments; (2) save for a deposit, and (3) get a mortgage in 2-5 years to exercise your option over the property

Is there any application fee?

There is no application fee. However, there is a non-refundable initiation fee of 1.5% of the value of the property due prior to making any bid on a property on your behalf. We need this to ensure that when we bid on a property, we don't miss out on your dream house if there is anything that delays your payment. If after 3 months we have not successfully put you in your OwnHome, we give this back to you no questions asked!

Who is eligible for OwnHome?

Anyone who wants to own a house in the future should apply here. We’ll let you know within 24 hours if you’re a good fit.

How does the OwnHome process work?

Working with OwnHome is quite simple and looks like this:

  • Sign-Up and Qualification: Fill out an online application. From there, we’ll be in touch to verify your income, assets and credit. We then work with you to determine a reasonable home price and monthly payment budget that will guide your home search
  • Choosing Your Home: After your qualification, you’ll be introduced to our dedicated buyer’s agent, who’ll help you find and tour properties for sale in your preferred neighborhoods. Think of them as your seasoned house whisperer. Once you identify a property you love, we guide you through the entire purchase process
  • Purchasing Your Home and Move-In: Now that you’ve found your dream home, we’ll go through the bidding process together. Our OwnHome real estate experts will do the property diligence and determine the best offer strategy - with your input of course. When the offer is accepted, OwnHome will handle the entire closing process. From there, you’ll enter into an agreement with us that clearly lays out all the necessary details including but not limited to move-in date, monthly payment, and your rights and responsibilities as a OwnHome resident. After that, you’ll get the keys and move in!
  • Exercising your option to buy out OwnHome: Any time from 2-5 years, you are free to exercise the option you have over the property using the Purchase Credits accrued toward the pre-agreed purchase price from OwnHome
How do I apply?

Fill out our application form in less than 2 minutes and we’ll be in touch

Ready to get started?

See your buying power with OwnHome

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