Families will be able to buy a home in Queensland with a deposit of just $10,000 thanks to a new partnership between property-buying platform Coposit and builder Catapult Homes.
Catapult is the first to offer a house-and-land package in the state using the Australian proptech which is disrupting the off-the-plan property industry.
Coposit CEO Chris Ferris said that being able to offer Queensland property buyers house and land for as little as a $10,000 deposit was “quite the achievement”.
“With the first deposit, and with no fees at all to pay, buyers can secure a property with Coposit, then pay down the deposit in weekly instalments, (called “coposits”) until it’s built,” he said.
“We hope to offer many more house-and-land projects in the sunshine state as 2023 continues.”
Catapult Homes project sales director Tim Fowler welcomed the partnership.
“With the cash rate continually rising for property buyers and reducing their borrowing capacity, in particular for house-and-land purchasers in southeast Queensland, the market is a challenging place,” he said.
“We want to give home buyers every possible advantage to overcome these rate rises.
“We’re thrilled to be working with Coposit on making our exceptional house-and-land offerings available to a whole new range of buyers.”
The first Catapult-Coposit project is located in North Harbour, an award-winning residential development in the fast-growing Moreton Bay region north of Brisbane.
Situated along 9km of the Caboolture River, the project offers a natural setting and has received accreditation for its environmental sustainability. North Harbour is currently home to 1400 families, with some having lived in the greater Moreton Bay area for generations.
Catapult Homes is also offering to match the Coposit $10,000 minimum deposit requirement, with a ‘price lock’ to 2024. This gives buyers the opportunity to spend on upgrades or a whitegoods package of their choice, to the value of $10,000.