In a first for a major Australian bank, the Commonwealth Bank’s (CBA) business bank has agreed to accept pre-sale contracts secured through property tech platform Coposit for residential development projects.
Traditionally, property developers required 10% of the purchase price upfront for off-the-plan contracts, creating a financial barrier for many home buyers. Coposit allows qualified buyers to purchase properties with a minimum deposit of $10,000, making homeownership more accessible.
Mike Vacy-Lyle (pictured above), CBA group executive business banking, highlighted the bank’s commitment to innovative solutions for housing affordability and undersupply.
“Housing affordability and undersupply are some of the most pressing issues nationally,” Vacy-Lyle said. “Initiatives like this could make a real difference, particularly for first-home buyers.”
Chris Ferris, Coposit’s CEO and co-founder, stressed the importance of the deal.
“Coposit is changing the pathway to owning property – we believe in breaking the barriers to homeownership for all Australians,” Ferris said.
This partnership will help developers secure necessary pre-sales, accelerating project commencements and boosting housing supply.
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In addition to accepting Coposit pre-sales, CBA has updated its lending criteria for built-to-rent housing.
“Our new lending standards will support more rental housing developments, including the construction of social and affordable housing where we look to support Community Housing Providers,” Vacy-Lyle said.
CBA continues to roll out initiatives to help Australians achieve property ownership, including Property Share, which allows customers to split the cost of buying a house with friends or family while keeping finances, ownership, and repayments separate.
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