Congratulations to our Sponsors
| CBA’s Business Bank accepts Coposit to help more people get into the housing market |
| CBA is the first major Australian bank to accept Coposit-secured deposits as pre-sales, in a move aimed to help fast-track home ownership. |
| Wednesday, 22 May 2024 In a first for a major Australian bank, the Commonwealth Bank of Australia’s (CBA) Business Bank has agreed to accept pre-sale contracts (up to 10 per cent) secured through property tech platform, Coposit, in residential development projects funded by the bank. Traditionally, property developers have required that 10 per cent of the purchase price is paid upfront at the time of signing an off-the-plan contract for a new apartment or townhouse. Achieving a certain level of off-the-plan sales is also normally required before a lender, such as a bank, would be prepared to advance the construction loan for the development to proceed. For home buyers, these requirements meant needing to come up with thousands of dollars two to three years before getting keys to their new home. Coposit lets qualified home buyers purchase off-the-plan properties with a minimum deposit of $10,000. Prior to settlement the buyer pays the balance of the required deposit in weekly, interest-free payments during the construction phase and then finalises settlement through traditional financing channels upon completion. The innovative service allows buyers to secure a property purchase while continuing to accumulate savings until the project is complete and ready to move-in. For the full media release, please visit CBA Newsroom. Commonwealth Bank of Australia | Media Release 059/2024 |