How much does OwnHome cost?

It is free to apply to OwnHome! There are no costs to get started. 


Once you apply, get approved, and find a home, you’ll pay 3% of the home value. 2% is a starter payment which we use to help cover some of the costs of home purchase, and 1% goes towards your security deposit. For a $1,000,000 home, this means you need $30k to move into your dream home, 10k of which is contributed back to your security deposit. With a traditional 20% deposit and mortgage, this would otherwise be an upfront cost of $250,000 on the same home.


Just like a mortgage, with OwnHome you have the up front, and ongoing payments:

  • An initial security deposit contribution (1% of the purchase price of the home), along with a 2% starter payment.
  • Your monthly payment, which includes rent and your security deposit contribution which goes toward your future deposit when you’re ready to buy your home.

We require all customers to seek independent legal advice, prior to us beginning the property search. This is to make sure that you’ve had the benefit of independent advice and understand the OwnHome arrangements. You can use your preferred solicitor or OwnHome can provide you with contact details for solicitors who are familiar with OwnHome. This advice is typically a paid service, so be sure to ask for an indicative cost.


Once you’re ready to buy back your home, you will typically need to pay for a conveyancer to assist with the purchase and will be responsible for paying stamp duty in NSW and QLD (we’re working hard to change the stamp duty payment). There may be some fees associated with the mortgage provider you choose, too.


Interested in getting started? Get qualified here!