How to Get a New Home with Just $10,000?

For first-time home buyers looking to purchase property, the challenge of coming up with a substantial deposit has always been a barrier. However, a new opportunity has emerged that could make buying a property more accessible, even for those who thought homeownership was out of reach.

The Commonwealth Bank has joined forces with Coposit, a fintech innovator, to introduce a scheme that allows potential homeowners to enter the market with as little as a $10,000 deposit. This drastically reduces the standard deposit, which typically requires around 10% of the property’s value. This groundbreaking approach allows buyers to start their property journey with $30,000 less than what is usually expected.

• Check the properties you can start to buy with $10K in NSW

This scheme, enables buyers to spread out the remaining deposit through weekly, interest-free payments during the typical 2-3 year construction phase. This payment model benefits both first-time home buyers and investment property seekers, offering flexibility and an opportunity to enter the market sooner. When the project is completed, buyers can secure a traditional mortgage—potentially, though not necessarily, with the Commonwealth Bank.

Coposit’s platform has already seen 65 off-the-plan (OTP) developments sign up, including prominent projects like HYG’s The Botany Waterloo, Mulpha International’s Norwest Quarter, and Top Spring’s The Newlands at St Leonards. These properties span across NSW, Queensland, ACT, and Victoria.

Check these projects on Coposit:

1. The Botany Waterloo| Waterloo, 2017| Secure with $10k and $807 x 75 weeks

2. Monde|Edmondson Park, 2174|Secure with $10k and $326 x 63 weeks

3. Roslyn Street|Liverpool, 2170|Secure with $10k and $450 x 50 weeks

The beauty of this scheme is that it offers buying a property certainty, with Coposit making its revenue from developers through pre-sale fees, not from the buyers. This means it’s not a loan or a financial product, but rather a way for buyers to secure their first home or investment property with a manageable upfront commitment.

Read more about the scheme here.