Finding a deposit for the purchase of a property is a big barrier for potential home buyers and investors. James Bowe talks about how to overcome it.
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There’s been an ongoing public debate about housing affordability where the dream of home ownership is always just out of reach for millions of hard working Aussies who are forced to chase their tails trying to put together a deposit, only to miss out as home values continue to rise.
But despite the perceptions it has never been an affordability issue, but an accessibility issue.
A lot of working couples can afford the loan repayments, but can’t find the massive cash deposit to cover all of the property purchase oncosts for stamp duty and conveyancing etc., plus the extra 5-20% cash deposit required to cover the shortfall on a home loan.
But there’s an Australian start up that’s helping to solve this problem with a faster pathway to home ownership through an innovative business model based on the old lease to own approach.
Ownhome is off to a flying start with a recent $31M funding round from investors including Australia’s biggest home loan lender, the Commonwealth Bank.
Founder James Bowe built Ownhome after experiencing his own property purchase challenges, and now leads the mission to turn renters into home owners.
Prior to OwnHome, James worked at Bain & Company, a global management consulting strategy consulting firm, based in San Francisco that advises high growth technology companies, and global investors on new business models, including businesses tackling housing affordability challenges in the US.
Connect with James:
James’ book recommendation: Thinking, Fast and Thinking Slow by Daniel Kahneman
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About Get Invested, a Property Hub show
Get Invested is the leading weekly podcast for Australians who want to learn how to unlock their full ‘self, health and wealth’ potential.
Hosted by Bushy Martin, an award winning property investor, founder, author and media commentator who is recognised as one of Australia’s most trusted experts in property, investment and lifestyle, Get Invested reveals the secrets of the high performers who invest for success in every aspect of their lives and the world around them.
Get Invested is part of the Property Hub podcast channel, your home for property investment insights, inspiration and stories from Australia’s top property experts, investors, leaders and analysts. Subscribe now on Apple Podcasts, Spotify and Google Podcasts to get every Get Invested episode each week for free, and also get full access to RealtyTalk, Australia’s top online property show for red hot property investing news and insights direct from property industry leaders and influencers.
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