An innovative deposit scheme is giving buyers along the East Coast of Australia the opportunity to buy off-the-plan homes sooner than if they had to save a full, lump sum deposit.
Coposit enables buyers to fast-track property ownership by allowing them to own an off-the-plan property with just a $10,000 deposit paid via a fee-free app.
The remainder of the deposit is then paid off in weekly, interest-free, instalments.
Catapult Homes is the first builder-developer in Queensland to offer house and land packages in the state using Coposit.
Catapult Homes Director of Project Sales, Tim Fowler said they would also match the Coposit $10,000 minimum deposit with a “price lock” until 2024, meaning a buyer’s sale price is locked in once they sign their contract.
This will also give buyers the chance to spend on upgrades or whitegoods to the value of $10,000.
“We’re thrilled to be working with Coposit on making our exceptional house and land offerings available to a whole new range of buyers,” Mr Fowler said.
Data from RPM Group shows housing supply in South-East Queensland remains tight and challenging, with just 17,583 lots registered in 2022, which is well down on the 10-year average of 22,517.
“With the cash rate continually rising for property buyers and reducing their borrowing capacity, in particular for house and land purchasers in South-East Queensland, the market is a challenging place,” Mr Fowler said.
“We want to give home buyers every possible advantage to overcome these rate rises.”
The house and land packages on offer through Coposit are at North Harbour, an award-winning residential development located in the fast-growing suburb of Burpengary East in the Moreton Bay region.
North Harbour is currently home to about 1400 families and the estate is situated along 9km of the picturesque Caboolture River, providing a scenic natural backdrop for residents to enjoy.
Catapult Homes has plans to extend their Coposit offer at other developments in Deception Bay, Toowoomba and Heathwood.
Coposit Chief Executive Officer Chris Ferris said, “Being able to offer Australia property buyers house and land for the first time in Queensland, with as little as $10,000 is quite the achievement”.
“We hope to offer many more house and land projects in the sunshine state as 2023 continues.”
Coposit is also popular in NSW, where first-home buyers and investors in Newcastle can use the scheme to buy an off-the-plan apartment at Dairy Farmers Towers.
This is the second time developers Third.i have released a limited number of apartments at Dairy Farmers Towers with Coposit.
Third.i Co-founder Luke Berry said he didn’t expect the apartments to last long.
“We’re excited to be partnering with the Coposit team again to release a new collection of apartments for first home buyers,” he said.
“We saw extraordinary demand for this type of offering and we’ve really listened to the needs of the market, particularly in an industry that’s witnessing an economic downtown.”
Mr Berry said the deposit scheme fit with Third.i’s ethos of not just building houses but creating homes.
“This scheme offers a chance for prospective buyers to break into the property market who might not have otherwise been able to,” he said.
“Works at Dairy Farmers Towers commenced in November last year and we anticipate building works will wrap up in the first quarter of 2025.
This project is the heart and soul of Newcastle’s revitalisation, and I can’t wait to see each and every buyer make their new house a home over the coming years.”
Dairy Farmers Towers will comprise 180 one, two and three-bedroom apartments across two towers, along with a residents-only shared work hub, a yoga studio, outdoor gardens, swimming pool and sundeck.
The project will also offer eight Specialist Disability Accommodation apartments in partnership with iNSiTU Housing.
“Third.i was quick to see the benefits of Coposit for their buyers at Dairy Farmers, proving they are the champions of first home buyers in the Hunter region,” Mr Ferris said.
Coposit also has off-the-plan opportunities in the ACT and Victoria.
