A growing number of home buyers are securing new property with just $10,000 upfront, according to a recent report by Domain. While the scheme—developed by proptech company Coposit—initially aimed to help first-home buyers, it’s now seeing investors and downsizers flock in, thanks to its low-deposit structure and interest-free, fee-free repayment model.
Horse stud manager Robert Petith and his wife, Lucy, are among those capitalising on the scheme. They purchased a two-bedroom, off-the-plan apartment in The Residences at Wahroonga Estate as an investment.
“It made perfect sense,” says Robert. “You pay the deposit off while it’s being built in weekly instalments. You don’t need to dip into everything else; you can save the deposit over the entire build period.”
Coposit has secured an additional $14 million from the Commonwealth Bank to cater to more buyers. According to co-founder and chief executive Chris Ferris, the number of developers embracing Coposit has already exceeded 100 projects, with forecasts of reaching 210 by year’s end.
“We started out mainly helping first-home buyers,” Ferris says. “But now we’re seeing downsizers who don’t want to rush selling their family home and investors who prefer to use their cash elsewhere. The platform is good for buyers, good for renters, and good for developers.”
Normally, a $750,000 property requires a $75,000 deposit—often taking six years to save. Through Coposit, buyers secure the property with $10,000, then pay $625 weekly over about 104 weeks (the typical construction timeframe) to make up the rest of the deposit.
Jim Hunter, executive director of Capital Corporation—builders of The Residences—says the deposit scheme is filling a gap in the market.
“We monitored Coposit for two years before introducing it,” Hunter says. “We expected maybe 5 to 15 per cent of buyers would use it, but around 25 per cent of them have opted in.”
This unexpected take-up includes plenty of downsizers, who often have equity tied up in large family homes, and investors, who like to keep their savings liquid for other ventures.
With support from major lenders such as CommBank, Qualitas, and Wingate, Coposit’s footprint now spans NSW, Victoria, Queensland, and the ACT. Buyers range from 20 to 71 years of age, and projects collectively represent around $9 billion in property value.
For downsizers, the scheme provides more time and flexibility for selling a current home. For investors, it minimises upfront capital outlay, allowing funds to remain accessible for other investments. For first-home buyers, it removes what can be the biggest barrier to property ownership—saving a full 10 per cent deposit upfront.
As the property market continues to evolve, Coposit’s weekly deposit approach may offer relief to a broadening range of buyers. Capital Corporation’s Hunter even draws parallels to Afterpay in retail, believing every developer might soon adopt the model to help buyers come on board faster.
Source Domain (domain.com.au), 14 February 2025
Reported by Sue Williams
Interested in learning more about Coposit’s $10K deposit scheme? Visit Coposit.com for further details on how to secure your property with as little as $10,000 and pay the remainder of your deposit interest-free and fee-free during construction.
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