Read Our FAQs Here | Coposit

Question 1

How do I receive or submit the contract of sale, any legal paperwork or agreements? Is this all done through the app?

Accepted Answer

All legal paperwork, contracts, exchanges and agreements are dealt with outside of the Coposit app. After exchange of contracts, all completed paperwork is provided to Coposit and uploaded onto our platform so we can set up your payments.

Question 2

What are the next steps after I receive the contract of sale?

Accepted Answer

Like the usual property buying process, you’ll need to appoint a solicitor or conveyancer to act on your behalf, look over the contract and ensure you meet all the relevant criteria.

Following this, solicitors for all parties will review the contract and make any necessary updates. The developer’s solicitor then provides Coposit with the finalised contract.

Question 3

I’ve just signed contracts and have had second thoughts. What happens if I decide to pull out of a purchase?

Accepted Answer

Like a traditional deposit and property purchase, any installments made will be forfeited and contracts mutually rescinded. In addition, the property will be relisted. To understand your contractual obligations fully, we would encourage you to speak to your solicitor directly regarding this.

Question 4

How does Coposit make money?

Accepted Answer

Coposit is completely free for you, the home buyer, to use. Instead, we charge the property developer a fee for listing and utilising our property payment platform. This way, Coposit can be a free tool for fast tracking home ownership, always.

Question 5

Does Coposit loan me the money to cover my deposit?

Accepted Answer

We get this question a lot. The simple answer is, NO, Coposit is not a loan for your deposit. Instead, we have flipped the old deposit model on its head, so that buyers can build their deposit whilst their home is under construction, without needing a full deposit upfront. It feels easy because it is.

Question 6

How does Coposit collect my payments?

Accepted Answer

All your payments (we call them coposits) are securely collected, tracked, and managed via our app and held in Coposit’s regulated trust account which is audited in accordance with each state’s regulations. Here are the real estate license numbers we operate under:

NSW – 10106205

QLD – 4585302

VIC – 088713L

ACT – 18403131

Question 7

Does Coposit own part of my property?

Accepted Answer

No way. Coposit is not a shared equity scheme. We are here to help fast track your home ownership goals by facilitating property purchasing in a completely different way. Buying with Coposit means you (and whoever you may be buying with) own the new home 100%.

Question 8

What type of properties can I buy with Coposit?

Accepted Answer

The secret sauce in our process is actually utilising the construction time on new homes. This works for off-the-plan apartments, townhouses, land registration and house and land packages. Property developers who offer Coposit can be found at our marketplace . If you can’t find the project you are looking for, we encourage you to ask the sales agent for Coposit or reach out to our team directly.

Question 9

How do I know if I am eligible for Coposit?

Accepted Answer

Buying a new home is a huge decision. We’ve developed Coposit Qualified to help you buy with confidence. This process will give you an understanding of your capacity to make weekly coposits and your future ability to achieve finance at settlement. We complete the Coposit Qualified process prior to signing contracts.

Question 10

Is my money safe if the builder experiences financial difficulty?

Accepted Answer

Your payments are securely held in a regulated Coposit trust account with a Top 4 Australian Bank. It can’t be touched by the property developer (or even us) until both you and the seller issue an order to the agent.

Question 11

Everybody loves free stuff. But how does Coposit make its money without fees or charges?

Accepted Answer

To make your property-buying experience super seamless, efficient and secure, Australia’s leading developers pay Coposit for benefits of using our platform. It’s a win-win for homebuyers like you and for them.

Question 12

Why don’t I need to pay Coposit fees? What’s the catch?

Accepted Answer

Thankfully we don’t need to charge fees. Nada. Never. Ever. From the moment you download the Coposit app until you settle and receive the keys to your brand-spanking new home, Coposit is free to use. Even better, it stays free if you ever decide to buy your next property through us.

Question 13

Does Coposit work in conjunction with first home buyer schemes?

Accepted Answer

Great news – you absolutely can! The First Home Owner Grant and Coposit are completely separate, so you can secure your property with as little as $10k upfront using Coposit, and pay the remainder of the deposit during the construction period of your property. You can also then apply for The First Home Owner Grant and if eligible and approved, access that benefit to help you on your journey.

In addition to the FHOG, there are other government-funded schemes and incentives available for first-time home buyers, such as the First Home Loan Deposit Scheme and the HomeBuilder grant. It's important to research your options and seek professional advice before making any major financial decisions. More information can be found on our blog post.

Note that generally a government reimbursement incentive only kicks in from settlement and does not apply for initial home deposits. To learn more on first home buyer schemes and grants across Australia and to find out if you’re eligible for it visit First Home Owner Grant .

Question 14

How do I know if I can afford a property listed on Coposit or prove my financial viability?

Accepted Answer

If you’re considering taking the plunge into property, two experts come in handy – a mortgage broker and a financial adviser. They each serve different purposes.

In a nutshell, a licensed mortgage broker acts as a loan adviser and can help you find the right loan to suit your financial situation. In addition, they’re the best people to give you credit advice when it comes to real estate lending.

On the other hand, a financial adviser or planner takes care of your long-term financial goals and helps you sort through investment options and insurance, retirement planning or estate planning.

Question 15

Does Coposit also deal with the mortgage?

Accepted Answer

At Coposit, we don’t offer financial services, advice or products like mortgages. Like any property purchase, it’s important to take the time to seek independent financial advice to understand the home-buying process better, learn about home loans and to figure out your borrowing capacity.

Question 16

Does Coposit lend the money to purchasers to cover the deposit?

Accepted Answer

At Coposit, we don’t offer financial services. In a nutshell, we’re a platform that connects you with developers and sales agents so you can buy property for $10k, and, through the platform, you can pay the rest of your deposit in weekly instalments, interest-free.

Question 17

Is Coposit a financial services provider?

Accepted Answer

Coposit is not a financial product. Instead, we’re a property-buying payment platform. We connect you with real estate developers and property agents offering off-the-plan homes. With Coposit, you can buy for as little as $10k as your deposit and pay the rest weekly in interest-free instalments via our app.

We encourage you to speak to your mortgage broker or financial adviser to understand your property-buying needs.

Question 18

Can Coposit boost my creditworthiness?

Accepted Answer

While we can't offer an official good credit report, keeping up with your weekly home deposit instalments or a stellar payment history may help boost your credit score when you're ready to secure your home loan.

As with any property purchase, it's essential to take the time to seek independent financial advice to understand the home-buying process better and to figure out your borrowing capacity.

Question 19

How do I know when is the right time to get home loan approval?

Accepted Answer

Whether buying off-the-plan apartments or house and land via Coposit, your deposit should be paid in full and finalised 3 months before your new home is completed. This is when you’ll need to organise pre-approval for your home loan with a mortgage broker or financial adviser.

Question 20

How do I get approval to buy property via Coposit? Do I even need a credit check?

Accepted Answer

Buying property is a major decision. As with any property purchase, it’s important to seek independent financial advice to understand the home-buying process better and figure out your borrowing capacity.

From browsing and searching for a property to signing a contract to buy your home, we do not carry out any credit checks. But you do need to verify yourself as a genuine home buyer by setting up your profile in-app, including doing an ID check and providing your bank details.

Question 21

I’ve created an account on the Coposit app and my banking details have been requested? Why? What is it for?

Accepted Answer

To set you up for success in your property hunting and buying experience, completing your Coposit profile in-app allows us to verify your ID. The process includes providing your banking details.

That way, property developers and real estate agents know you’re a genuine home buyer. At the same time, it’ll help streamline the buying process when you find a property you love.

Question 22

The off-the-plan property I bought has actually gone up in value while I’m paying off the deposit. What does this mean?

Accepted Answer

It means good news! That’s the beauty of buying with Coposit. You get to lock in a property in today’s market and ride the real estate wave when it goes up. If your property increases in value, you could even decrease your loan-to-value ratio (LVR) and save yourself from paying Lenders Mortgage Insurance (LMI).

Question 23

Do I need home loan pre-approval before buying a home through Coposit?

Accepted Answer

As with any property purchase, it’s important to take the time to seek independent financial advice to understand the home-buying process better and to figure out your borrowing capacity. To get yourself ready for settlement, you’ll need to apply for finance at least 3 to 6 months before your brand-spanking new home is completed.

From browsing and searching for a property to signing a contract to buy your home via Coposit, we do not carry out any credit checks or need you to apply for a home loan pre-approval. But you do have to verify yourself as ‘Buyer-Ready’ by completing your profile in-app, including an ID check and verifying your bank account details.

Question 24

Where do all the funds from my weekly payments go? Who takes care of them?

Accepted Answer

All your payments (we call them coposits) are securely collected, tracked and managed by Coposit and held in Coposit’s regulated Trust account. Here are the real estate license numbers we operate under:

NSW – 10106205
QLD – 4585302
VIC – 088713L
ACT – 18403131

Question 25

Can the weekly payments I’ve built up for my deposit earn interest? If so, who keeps that interest – Coposit, the developer or me

Accepted Answer

Your funds are securely held in Coposit’s regulated Trust account, which can be invested in a Term Deposit, known as a Controlled Money Account (CMA), a sub-account of the Trust account, if this has been contractually agreed upon between you and the developer. That way, the interest earned can be split based on the negotiated terms.

Question 26

What happens if I fall behind on my payments?

Accepted Answer

If you know you’ll be unable to make an upcoming installment, get in touch with us at contracts@coposit.com.au or call 1300 267 764 as soon as you can. You’ll also be notified of the missed payment in-app. Then, provided with 4 weeks to make up for the shortfall. Please refer to your contract for terms and conditions.

If you cannot catch up with your payments, you’ll risk losing all funds you’ve already made (including initial funds). It is important you discuss the implications of falling behind on your payments with your legal adviser. However, we are here to help, so please reach out to us so we can help come to a solution with you.

Question 27

Instead of making weekly installments to pay down my home deposit, does Coposit offer fortnightly or monthly payment options?

Accepted Answer

Great question. We only offer weekly instalments as it is important to ensure you stay on track. Our customer success team may be able to help work out a solution with you if you are not able to make weekly payments. Please get in touch with the team via customerservice@coposit.com.au.

Question 28

Unexpectedly, my financial circumstances have changed and I cannot afford to continue with my weekly repayments. How can Coposit help?

Accepted Answer

Whatever the cause, we understand things can change in life. And this includes your financial circumstances. So if you’re in a situation where you’re unable to meet your contractual obligations, your first step is to advise us as quickly as possible. You’ll also receive a notification of the missed payment in-app.

We’ll work through some options to ensure you continue your home-buying journey without a hitch. This includes providing you with four weeks to catch up on your Coposit instalments. If you cannot make up for the shortfall, you’ll risk losing all funds you’ve already made (including initial funds) – the same outcome as purchasing through a private sale or auction. Following this, contracts will be mutually canceled, and the property is relisted for sale.

Feel free to reach out to our customer success team.

Email us

at customerservice@coposit.com.au. or phone on 1300 267 674.

Frequently Asked Questions