Breaking new ground with $10k deposits for home buyers

This month, Lewis Land unveiled its anticipated Palm House collection – a release of 60 two- and three-bedroom apartments with generous floorplates and light-filled interiors, immersed in a wellness precinct rivalling 5-star resorts.

Coposit Chief Executive Officer and Co-Founder Chris Ferris said the partnership would break down barriers to home ownership on the Gold Coast.

“Coposit is helping more Australians to access property by paying off the deposit for their new home or apartment while it’s being built,” Mr Ferris said.

“It’s about empowering buyers and helping projects get out of the ground sooner.”

Coposit enables qualified home buyers to purchase off-the-plan properties with an initial minimum deposit of $10,000. Weekly, interest-free payments enable the buyer to pay the balance of the required deposit during the construction phase and finalise settlement through traditional financing channels upon completion.

Mr Ferris said demand for Coposit is rising, with major banks including CBA and NAB, as well as top non-bank lenders, now accepting it as a Qualified Pre-Sale.

“Coposit has demonstrated incredible success across the market, onboarding 100 projects along Australia’s east coast over the past three years, with a combined end value of $9 billion,” he said.

“Investors account for more than 40 per cent of buyers, followed closely by first home buyers, and then downsizers.

“Interestingly, Coposit is also being embraced by luxury property buyers who want to keep their deposit funds in their accounts for longer.”

Mr Ferris said home buyers are not charged any fees or commissions. Instead, developers pay a one-off fee on sales facilitated via Coposit.

Lewis Land Chief Executive Officer Brett Draffen said Palm House is the vibrant heart of the South Shore precinct and is centred around resident lifestyle and wellness experiences.

“A 25-metre lagoon style pool, tennis court, yoga studio and lawn, and community park are some of the world-class amenities provided to Palm House,” Mr Draffen said.

“It’s very much a space for people who value wellness and sport as part of their lifestyle, balanced with the relaxed waterside living experiences this precinct celebrates.

“The clubhouse will become a social hub, with indoor and outdoor entertaining options including a lounge, entertaining kitchen and dining spaces, alongside function rooms, a co-working space for those who work from home, a games room, and meeting room.

“Exclusive amenities including private gardens and spaces to dine, socialise and relax, addition to the other premium facilities on site.”

Mr Draffen said sustainability also played a key role.

“Sustainability isn’t just about environmental responsibility, it also makes financial sense,” he said.

“Palm House residents will benefit from reduced costs through world-class sustainability measures including energy-efficient appliances, water conservation systems, high-performance glazing, and solar panels.”

Construction on Palm House will commence in May. Two-bedroom apartments at Palm House are priced from $990,000.

Video by 9 News, Gold Coast