Property company LongViewhas announced the launch of “Buying Boost,” a shared equity platform that aims to enable people to realize their homeownership aspirations without the hurdles of hefty deposits.
In a news release, LongView revealed a pledge of $30 million in investment to assist hundreds of potential buyers spanning Sydney, Melbourne, and Brisbane, eyeing properties ranging from approximately $800,000 to $3 million.
Evan Thornley (pictured above), CEO of LongView, emphasised the need for such interventions, citing the exorbitant rise in home prices as a formidable barrier to homeownership for many Australians, even those capable of meeting mortgage obligations.
“In the absence of ‘the bank of mum and dad,’ being able to buy a home you love is a pipe dream for most Australians in the current housing market,” Thornley said.
“Buying Boost was created to help people who are ready and willing to buy a home, but through a variety of circumstances can’t come up with all the money they need.”
The spectrum of individuals benefiting from LongView’s initiative encompasses young people, migrant couples, migrant families devoid of familial financial backing, families seeking to upgrade homes, and recent divorcees striving to rebuild their lives amidst financial constraints.
AK Schoefer, a divorcee and a mother of two, said that Buying Boost had proven transformative, enabling her to secure her dream home in Bondi without relinquishing existing assets.
“LongView not only gave me the funds I needed to afford my home, but their investor perspective reassured me that I was looking at the right parameters to make my final property choice and ensured I bought a great asset for our future,” Schoefer said.
Thornley said LongView emphasised data-driven insights to guide buyers towards properties poised for substantial appreciation without the burden of an overwhelming mortgage.
Under the Buying Boost model, homeowners are exempt from monthly interest payments and extraneous fees, only repaying the investment upon property sale or at their discretion, with LongView sharing in the profit and appreciation.
The platform has garnered praise among industry experts and hopeful homeowners alike, lauded for its potential to democratize access to homeownership amidst a challenging economic landscape.
Mark Errichiello, director and co-founder of buyer advisors Master Advocates, hailed Buying Boost as a transformative force.
“An innovative, large-scale platform matched with leading edge technology and highly knowledgeable professional service providers ensures that Buying Boost is helping more Australians secure the right investment for long-term prosperity,” he said.
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