With real estate prices soaring and many unable to get a home, the Australian rent scheme designed by two millennial associates is the first to own a home in three months. A customer cohort is born.
My house Co-founded by Tim Harley, who led the expansion of Wise (TransferWise) into the Middle East, the venture was motivated by a generational struggle to buy the first home and launched a new venture with fellow entrepreneur James Bowe. I did.
After the pair secures startup funding Through the Commonwealth Bank’s x15 Xccelerate programThe business has just completed its first round of financing to secure $ 3.6 million from global investors such as Global Founders Capital, Entrée Capital, AfterWork and InVentures.
In a nutshell My house Buy real estate for your customers. This customer can move home immediately and pay Own Home monthly. Within the first 3-7 years, customers will be able to purchase properties from Own Home at a pre-agreed price.
Demand is strong as the number of aspiring homeowners already on the waiting list is increasing. Australia has 110,000 first homebuyers each year, and now 60% need help from family and friends to overcome deposit hurdles.
Throughout the year, Sydney home prices rose 12.6% to $ 1,309,195. This means that the median home price in Sydney requires a deposit of $ 261,839.
Co-founder James Bow said OwnHome is a solution for aspiring homeowners facing rising real estate prices in the face of sluggish wages.
“It takes up to 10 years longer to save deposits than it was 50 years ago, and with options, more and more homebuyers are relying on mom and dad’s banks to get on the real estate ladder,” Bo said. Said.
“Own Home is the only rental model that offers a way to own a home in the area you want to live in and doesn’t require hundreds of thousands of dollars in deposits,” he said.
OwnHome is Australia’s only product that allows buyers to buy an existing home in an established suburban market. It gives the first homebuyer the opportunity to save for their home while they live there.
Avi Eyal, a major investor in Own Home and managing director of Entrée Capital, said the rental business model is starting to take off in the United States and Own Home is bringing Australia the long-awaited solution.
“I believe James and Tim have the vision, experience and willingness to offer this new path to Australian homes,” says Eyal.
“Housing represents the world’s largest asset class at $ 1.6 billion. Own Home’s opportunities are immeasurable.
“Australia stands out as one of the most serious homeownership problems in the world, and OwnHome is looking for new ways for hard-working Australians to realize their homeownership dreams,” he said. I did.
The first deployment of OwnHome is in Sydney, with plans to expand its service to other capitals in the near future.
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