OwnHome provides a 'transparent' and 'certain' path into homeownership, allowing approved, credit-worthy customers to move into their homes without needing a deposit by paying an upfront fee and making 'simple' monthly payments.

The starter fee is equal to 1.5% of the home's value, and once OwnHome buys the borrower's home, they pay an additional 1% that accrues as a 'Purchase Offset'. After this, they can move into their home.

The monthly repayments are equal to 2.5% of the home's value each year.

OwnHome also locks in the pre-agreed price, 'protecting' borrowers from a runaway market, with capital growth pegged at 3.8% annually.

After three to seven years, customers can buy their home at this price and put the deposit towards their purchase.

See Also: Pros & Cons of 'Rent to Buy' Schemes

Managing Director of x15 Toby Norton-Smith said housing affordability is a challenge for many Australians, particularly young people.

"We believe OwnHome will provide an alternative path to home ownership, particularly for first home buyers who are responsible savers but aren’t able to rely on the bank of mum and dad for help with the deposit," Mr Norton-Smith said.

CBA's Group Executive Retail Banking Services Angus Sullivan said OwnHome is helping address saving for a deposit - "one of the biggest challenges currently facing first-time home buyers".

"As Australia’s largest lender to first homebuyers, innovating and improving the home buying journey is the cornerstone of what we are doing to help our customers and today’s investment in OwnHome will provide greater choice to those who dream of home ownership but seek a different route to the traditional rent-and-save approach," Mr Sullivan said.

"This is in addition to our support for thousands of first homebuyers via the Government’s Home Guarantee Schemes."

OwnHome Co-founder James Bowe said in just over a year, the company has grown its team and customer base and, through its partnership with property management agency :Different, recently expanded into the Queensland property market.

"As we scale and shape the model in Australia we will continue to benefit significantly from the support of like-minded partners in CBA and x15, who share our mission to help more people on the road to home ownership," Mr Bowe said.

Cost breakdown on a $400,000 home

  • Starter Fee: $6000
  • Purchase Offset: $4000
  • Monthly 'Rent': $833.33
  • Capital Growth/Purchase Price after 5 years: $481,999.69


Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
Principal & Interest
Featured 4.6 Star Customer Ratings
  • No monthly or ongoing fees
  • Unlimited free redraw
  • No application fee
5.99% p.a.
5.90% p.a.
Principal & Interest
Featured Apply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.14% p.a.
6.16% p.a.
Principal & Interest
Featured Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

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