Revolutionising Homeownership

WORDS: Ocean Road Magazine Editorial Staff PHOTOGRAPHY Supplied

How Coposit is Making the Australian Dream Accessible for First-Time Buyers Amid a Housing Affordability Crisis

In the ever-evolving landscape of property technology, Coposit emerges as a revolutionary force in Australia, addressing the pressing challenges faced by first-time homebuyers amid the housing affordability crisis.

Launched by brothers Chris and Dan Ferris in 2021, the platform is seen as a game-changer, allowing buyers to secure their new off-the-plan apartment or house-and-land package by paying the deposit in instalments. Once the contract is signed, the buyers make weekly instalments, known as ‘coposits’, over the course of construction. 

This Sydney-based company is transforming the path to homeownership with a seamless and accessible approach, making it easier for individuals and families to secure their dream home without an upfront deposit and with no additional fees.

At the core of Coposit’s appeal is its user-friendly marketplace, featuring a comprehensive array of off-the-plan apartments, land subdivisions, and house and land packages from across Australia. Prospective buyers can effortlessly browse through these options and connect directly with property developers, home builders and sales agents who offer Coposit payments. This streamlined search and connect feature significantly simplifies the initial steps of the home-buying process, making it more approachable for first-time buyers. 

When using the platform, users are required to become Coposit Qualified, this unique qualification process assesses the buyer’s weekly payment capability and future mortgage capacity, providing a clear picture of financial feasibility before any commitments are made. Once qualified, buyers can secure their desired property by placing a minimum deposit of $10,000 and signing a legal contract of sale.

Coposit has assisted hundreds of first-home buyers and investors looking to free up cash flow on off-the-plan purchases. After starting in Sydney, Coposit has expanded to Victoria, the ACT, and Queensland, aligning with developers to enable eligible buyers to enter the market. The growth of the business is driven by cost-of-living pressures impacting the capacity of property buyers to save for a deposit. 

“We’re seeing a record low employment, so people have the income to get onto the property ladder, but not many have $80,000 or $100,000 to lay down a 10% deposit when they are looking to purchase”, said Coposit CEO Chris Ferris. 

“Our product has been designed as an answer to this affordability issue, enabling not only first homebuyers but also investors to pay their deposit as a savings plan with no additional fees or charges before purchasing a property off the plan”. 

Developers have been increasingly adopting the Coposit model for their projects, seeing it as a platform to secure additional sales from buyers who otherwise may not have been able to purchase without a deferred payment or savings plan. 

Coposit has helped facilitate over $250 million in property acquisitions, and with more developers joining the platform each month, the number of property transactions over the next year is expected to grow at an expediential rate. 

In the past year, Coposit has grown from having five projects on its deposit-saving platform to now having 60+ projects, with expectations to triple by the end of the next financial year.

Coposit is not just a proptech company, it’s a beacon of hope for first-time homebuyers in Australia. By breaking down financial barriers and offering a straightforward, supportive pathway to ownership, Coposit is indeed creating waves and reshaping the future of the Australian property market. With its innovative approach, Coposit ensures that owning a home is not just a dream but a tangible reality for many Australians.