A new home buyer platform can help Canberrans purchase an off-the-plan apartment with only a $10,000 deposit.
First home buyers can finally get their foot in the door of the Territory’s hot property market using the Coposit app to secure an apartment in Woden’s WOVA complex.
After outlaying $10,000, home buyers can use the platform to pay down the outstanding deposit amount in weekly instalments – called ‘coposits’ – until settlement.
Developer Geocon has partnered with Coposit in this Canberra-first project.
Coposit founder and CEO Chris Ferris said when saving for a deposit in the current housing market, the goalposts kept moving further away.
The former property developer saw first-hand how difficult it was for young people to break into the property market. He said with Coposit, first home buyers could kick the first goal now and keep kicking them all the way into their home.
“We saw the pain-points people faced when trying to get into the property market, and affordability isn’t the issue. Saving for the first deposit is where people really struggle,” Chris said.
“It can take six to 10 years to save a deposit before first home buyers can break into the market.
“With Coposit, buyers only need a $10,000 first deposit, so they can fast-track their home ownership goals and ambitions.”
Investors and downsizers can also take advantage of the platform to purchase an off-the-plan property. Early birds will often have about two years to make their Coposit instalments.
Creators of the app, launched in October 2021, have partnered with the developers of 25 off-the-plan projects across New South Wales, Victoria, Queensland and, now, Canberra.
Chris said he was thrilled to be able to offer buyers a leg-up into WOVA and hoped to add more Canberra properties to the platform within the next 12 months.
Geocon director of Channel Sales and Strategic Partnerships Simon Chester said the Coposit model offered massive benefits for owner-occupiers and investors who struggled with saving a full deposit.
“Being the exclusive partner with Coposit in Canberra, we wish to present Canberrans with a viable alternative to the traditional five per cent deposit to secure a WOVA apartment within the booming suburb of Woden,” Simon said.
The offer is applicable for one- and two-bedroom WOVA apartments, with Coposit payments from $142 and $347 per week respectively after the initial $10,000 first deposit. (Based on 22 August 2022 property prices).
WOVA is a four-tower, mixed-use residential and commercial community located in the Woden Valley, 10 minutes from Canberra’s CBD.
WOVA offers a host of residential amenities, including gymnasium and yoga space, private cinema, resort-style lap pool and sauna, plus a chef’s kitchen and residents’ lounge, complete with cocktail bar and dining room for parties. The lifestyle complex will also boast a roof-top garden and flexible co-working spaces.
Chris said the unique app had been well received by developers and consumers along the eastern seaboard.
“We’ve had feedback from buyers saying they would not have been able to purchase their home without Coposit,” he said.
Coposit is completely free for buyers, with no fee or charges – ever.
“It might sound too good to be true, and people often ask if there’s a catch, but there isn’t. We get paid by the developers for listing their project on our platform,” Chris said.
Check out the Coposit website or contact Geocon’s WOVA sales team to find out how you can dip your toe into Canberra’s property market.