Just months after its release in NSW, innovative deposit app Coposit has crossed the border and caught the attention of Victorian residential developers.
Enabling buyers to secure property with as little as a $10,000 deposit for the first time in Australia, Coposit said it was proving a lifeline to homebuyers at a time when rapidly rising prices are putting home ownership simply out of reach for many Australians.
Revolutionising property buying, Coposit fast-tracks home ownership of brand-new property with buyers needing only $10,000 in savings to buy and paying the remainder of the deposit over weekly payments, with no fees or interest.
“Coposit has been years in the making, we could see how increasingly difficult it is to get into the property market with reports it now takes buyers 10 years to save a deposit,” Coposit chief executive Chris Ferris said.
“The deposit is the true barrier to entering the market and something really needed to change out there.”
Already dubbed a ‘game-changer’ and ‘the AfterPay of property’, Coposit has been successful in NSW projects in metropolitan Sydney, the Central Coast and Hunter Region with developers quick to list projects, boosting sales and helping their buyers at the same time.
Victorian developer Orion is the first in the state to list on Coposit with its 29-level, 312-unit Spring Street project in Box Hill.
“We always put our purchasers first and know many first-home buyers are having trouble getting a deposit together, although they can service a home loan,” general manager of Orion Oliver Hu said.
“Coposit is a wonderful solution that enables this timeframe to be shortened and most importantly, it's interest-free.”
According to Coposit, another six Victorian projects will be listed on the app by Easter, with Canberra and Queensland next on the list.
“Our expansion has been organic and led by high levels of enquiry from developers and also potential buyers reaching out to us,” Ferris said.
“It really is a no-brainer for developers, adding a valuable tool to their sales strategy.”
Coposit is a game-changer for property developers, particularly for developers of off-the-plan stock, who can determine the minimum deposit amount to suit their project.
It delivers a whole new market of potential buyers and streamlines the sales process with a suite of customised back-end tools that simplify sales, manage inventory, and maintain buyer engagement.
Unlocking a whole new sales channel, Coposit has proven to deliver an additional 23 per cent of buyers who are otherwise unable to buy.
Simplifying the sales process, the app helps to qualify buyers and minimise settlement default risks. It also provides real-time access to all relevant sales data and analytics.
Coposit’s pilot project, Civic Properties’ The Hills Village in Seven Hills, is testimony to both the pent-up demand for the app and its proven success, with no defaults at settlement.
An overwhelming 95 per cent of the 97 apartments sold in the pilot project used Coposit.
Importantly, 77 per cent of buyers elected to make weekly coposits while 23 per cent of buyers would not have been able to purchase without the innovative app.
Coposit has a range of features in-built including a dashboard providing clients with a summary of key information about their property and payment history as well as regular project updates via app notifications.
It also helps buyers develop a payment history with the regular weekly ‘coposits’ or payments helping to demonstrate financial discipline and loan serviceability to financial institutions when it comes time to settle the property purchase.
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