OwnHome

Why OwnHome exists

OwnHome provides an alternative path to homeownership for first-home buyers by letting approved renters move into a home without a deposit, pay an upfront fee, and make monthly payments that accrue as a deposit. After a 3–7 year period customers have the option to buy the home at a pre-agreed price using the accrued deposit. The startup targets first-home buyers who can afford regular monthly payments but struggle to save a traditional deposit, and its model is estimated to suit up to 10% of first-home buyers (around 14,000 customers annually). OwnHome says it has cut the typical nine-month homebuying search process by 85% and currently has a waitlist above 3,500 applications. Over the past 12 months it launched in two states, expanded into Queensland, developed a network of capital partners, and grew its team and customer base. The new funding will be used to build the customer platform and expand OwnHome’s property portfolio. OwnHome is an Australian proptech offering a rent-to-own scheme in which OwnHome buys a property on behalf of a customer who moves in immediately. Customers, typically high-credit individuals without a deposit, make monthly payments equivalent to traditional rent while building purchase credits and benefiting from capital gains. The model allows customers to buy the property from OwnHome at a pre-agreed price within three to seven years. OwnHome says demand has been strong and that a growing number of aspiring homeowners are already on its waitlist. The company was co-founded by Tim Harley and James Bowe; Harley led Wise's expansion into the Middle East and the founders designed the model to address soaring property prices for their generation. OwnHome is available in Sydney and plans to expand services to other Australian capital cities.