How Home₂Own Works
Your pathway towards homeownership, with only a 2% deposit required
Your Journey to Homeownership
Home₂Own is proud to have created another way to transact residential real estate, through our rent-to-own solution. Our program is built on transparency, affordability and responsibility empowering you to achieve your homeownership dreams without the traditional hurdles.
Whether you’re a first time-buyer, someone who’s previously owned a home but life’s got in the way, or simply looking for an alternative way to own a home, our solution is designed to make homeownership accessible and achievable.
The Complete Process Timeline
From application to homeownership, here's what to expect at each stage
Initial Application
Begin your journey by completing our simple online application. This helps us understand your current situation, homeownership goals, and financial readiness.
Consultation & Assessment
Our team reviews your application and schedules a consultation to discuss your needs in detail. We'll assess your financial situation and determine your program eligibility.
Property Selection
Once approved, you'll work with our property specialists to find a home that meets your needs and budget. You can choose from our available properties or we can help you find one. Note: will need a 2% deposit to secure the property.
Contract Suite Agreement
We’ll prepare your Contract Suite outlining the terms of your rent-to-own arrangement, including your fixed purchase price and monthly payments. Our team will walk you through every detail.
Moving In & Occupancy
Once you have made your 2% deposit contribution, you are able to move-in, occupy your new home, and begin your home ownership journey.
Ongoing Support
Throughout your tenancy, our team provides support and guidance to help you prepare for eventual homeownership, including regular check-ins and guidance from an independent mortgage broker.
Path to Purchase
At the end of your rent-to-own term, typically within 24 months, pending mortgage approval, you are entitled to your contract completion incentive, where 50% of the rent you have paid is deducted from your fixed purchase price
Homeownership Achievement
Congratulations! You've successfully transitioned from renting to owning. The home is now yours, and you've achieved your goal of homeownership.
Program Requirements
What you'll need to qualify for the Home₂Own program
Stable Income
You will need to demonstrate a stable source of income, that can service your monthly rental payments and instalment contributions.
Initial Payment
You will be required to make an initial deposit contribution, equivalent to 2% of your fixed purchase price. This contribution is made to a solicitor’s regulated trust account and is held on trust, throughout your rent-to-own term.
Commitment to Homeownership
Our program is designed for those genuinely committed to achieving homeownership. We look for applicants who are ready to work toward this goal over the program period.
Residency Status
Applicants must be Australian citizens or permanent residents to complete the program and obtain financing.
Formal Financial Assessment
Succesful applicants must undergo a formal financial assessment via a registered mortgage broker, prior to being unconditionally approved to participate with Home₂Own. Applicants with additional savings exceeding their 2% deposit are highly regarded, however this is not mandatory to participate with Home₂Own.
Property Criteria
The property must meet our program criteria, including location, condition, and value. We focus on properties with good long-term investment potential.
Common Questions About Our Process
Answers to frequently asked questions about the Home₂Own journey
How long does the entire process take from application to move-in?
The timeline varies based on your situation and property selection, but typically ranges from 4-8 weeks from application to move-in. Our team works efficiently to help you get into your new home as quickly as possible.
What happens if my financial situation improves during the program?
That’s great news. If your financial situation improves, you will absolutely be able to purchase the home earlier than planned. You’ll become a homeowner sooner!
Can I make modifications to the home during the program?
Minor modifications and decorative changes may be allowed, subject to approval by the owner.
What maintenance responsibilities do I have during the program?
The owner is responsible for all repairs and maintenance throughout the rent-to-own term, like any other rental arrangement. Once you successfully settle and the title transfers hands to you, you will be responsible for any repairs and maintenance and capital improvements, like any other homeownership arrangement.
How is the purchase price determined?
Your fixed purchase price is established upfront, prior to you entering your Contract Suite. The purchase price is determined with reference to the current valuation of the property, market trends and historical growth factors. This price is fixed and cannot be varied throughout the rent-to-own term.
Your Next Steps
Begin your journey to homeownership today