A word from our founders
OwnHome was born when we realised how damn hard it was for us and our siblings to buy a home. Why? The amount of money that is required for a 20% housing deposit in Australia these days.
We quickly discovered that we were not alone. Like us, millions of Australians with good, steady careers and incomes still cannot cover the cost of a home deposit.
And it’s not because we’re not financially responsible or good savers. The amount of money required for a 20% deposit has skyrocketed, while wage growth has been extremely slow.
This means that, for people in our position, it now takes, on average, over ten years to save for a home deposit on personal income alone. By comparison, in 1970, the average working Australian could expect to purchase a home after just two years of full-time employment.
So how does anyone buy a house today? Well, more than 60% of first-home buyers in Australia have access to ‘the Bank of Mum and Dad’ to help fund their initial home loan deposit.
But what about the 4.5 million Australians - like us and our siblings - who don't have access to intergenerational wealth? It’s even harder to get a foot on the property ladder.
As house prices keep increasing, saving that 20% deposit that the banks want just seems less and less attainable. We felt like the longer we saved, the further away the finish line got. And that isn’t fair.
Like many people, we were stuck renting when we wanted to own our homes and access the long-term benefits and security that come with it.
So, we set out with the goal to create a new and accessible pathway to homeownership - without the requirement of hundreds of thousands of dollars upfront.
The response we’ve received has been incredible—over $13B+ worth of applications in a year, a community of trusted customers, and the backing of Australia’s leading home loan lenders and investors: CommBank’s X15, Square Peg, Hostplus and more.
We're building an experienced, hopeful and determined team dedicated to making Australian homeownership more accessible.
This is our life’s mission. Because everyone should have the opportunity to build a life they love in the safety and security of their own home.
We're glad you're here,
James & Tim
P.S. We can’t wait to see you put up that sold sticker!