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.
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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