Start-Up Helps You Own a Unit in Milton For a $10,000 Deposit

First-home buyers keen to secure a Milton property could achieve their dreams by signing up with a start-up that allows them to make a $10,000 downpayment on a home purchase. 

Coposit is a new platform that has shaken up the homeownership sector. It’s an app that allows a home buyer to make a $10,000 downpayment and enter the property market without any hassle. The free app also helps the homeowner pay off the balance during the construction period. 

Goldfields, the development group behind 33 Manning St in Milton, has teamed up with Coposit to give buyers the opportunity to secure a unit in their latest project. So, instead of paying $69,000 upfront for a two-bedroom apartment, buyers may make a $10,000 deposit and then invest in weekly instalments. 

33 Manning Milton
Photo Credit: Goldfields

The idea behind Coposit is pretty much like a buy now, pay later plan but its CEO Chris Ferris said there are some differences as well.

“With ‘buy now, pay later’ you enter into a transaction and get your product straight away and then pay it off,” Ferris said following the app’s launch in 2021. “With what we’re doing, you secure your property but you don’t actually get it until you’ve paid the full deposit and it’s delivered. Then you have to arrange finance and settle on the property.” 

Locking a price before the construction is completed can make a difference between the price of the unit currently versus when the property came into the market.

“Some of the biggest problems that people face is that, in New South Wales and particularly Sydney, the average time that it takes to save for a 10% deposit is 5 to 6 years. When you think of the last 5-6 years, we’ve had two or three property cycles.”

Meanwhile, 33 Manning St is located a few minutes away from the CBD, the suburbs of West End and Paddington, Suncorp Stadium and Milton’s Park Road cafe district. The building provides residents with a range of amenities, including a rooftop pool, lounge, sauna, workspace and zen garden that has a view of the skyline and Mount Coot-tha. 

Published 6 March 2023