Local real estate platform's $25K giveaway to help a Canberran secure homeownership

One lucky Canberran will be hoisted over one of the biggest barriers to homeownership by a locally owned and run real estate platform.

Local property listing market disruptor Zango has announced a major giveaway of a $25,000 house deposit contribution to help a Canberran struggling to buy a home.

With sluggish wage growth, housing affordability and cost of living pressures creating a challenging economic environment in which to buy a home, local consultation has revealed hopeful buyers in the Canberra market get stuck on saving the 5 to 10 per cent deposit for the ACT’s mean dwelling price, which is the second highest in the country.

“We have listened to the Canberra community and their number one concern when trying to enter the property market, with many hoping to transition from renting to owning, is that it’s extremely difficult to save a deposit in the context of all these economic challenges,” Zango General Manager Karen Ligdopoulos said.

“We’re hearing that hopeful buyers are meeting with lenders and, while they’re found to be in a position to service the repayments on a mortgage, they can’t enter the market because saving a deposit in these conditions is a bridge too far.

“In looking at ways to help our community, we decided the best way was to empower a Canberran with that deposit, to transition to home ownership or change their property journey from what might’ve been a one-bedroom apartment to a three-bedroom home, or whatever their aspirations may be.”

Entries are now welcome for applications, with the winner announced on 15 March at Skyfire.

Applicants must express in 25 words or less how a $25,000 deposit toward their own home would impact them, and a panel of judges will assess eligibility and responses to select a winner.

While it’s expected the majority of applicants will be first-home buyers, there is no target audience, and Zango is hoping the competition will in fact foster a “sense of camaraderie in the Canberra property market”.

“We’re really hoping people who hear about this competition – whether they enter it themselves or not – will think of people around them who are struggling to buy a home, and spread the word. It might be mums, dads and grandparents, people in shared houses, even landlords with good long-standing tenants and other people in the property management community who will encourage people to enter.”

The competition is the latest way that Zango, an industry-owned organisation, is establishing its purpose in the community: to shake up the property listing market with a locally owned and run platform that delivers hot new listings, better value, relevant local insights and an exciting way to connect with more homes, buyers, sellers, renters and landlords.

With the platform offering property marketing for as little as a third of its competitors, Ms Ligdopoulos said it highlighted the impact of a lack of competition in the domestic industry.

“Australia is the only property market in the world vendors pay for their listings at the cost they pay. Zango has come in to be an agitator in the property sector. By giving the consumer choice, we give people the option to market their properties without paying an arm and leg to do so,” she said.

Zango hopes the competition, along with ongoing educational collaborations with Nectar Mortgages and Loan Market Canberra and local conveyance company Convey, will help lift the veil on the homeownership process.

“Once people find out what’s involved, many realise the possibilities. We see a lot of single women turn a corner on the realisation that they can absolutely be homeowners,” Ms Ligdopoulos said.

Judges for the Zango giveaway will be looking at where the prize money will make the most impact, and are hoping to draw out compelling stories.

“We want you to tell us your journey, where you want to be, what’s holding you back and how this might propel you forward in ways you didn’t think possible,” Ms Ligdopoulos said.

Apply now to WIN $25,000 towards your home deposit* thanks to Zango.

*Terms and conditions apply – visit Zango for details.

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