The price to buy-back your home is set at the time of purchase, so you always know what you're working towards.
The price of your home is pre-set at the time we purchase it for you, so you’ll always know what you’re working towards. The price formula is really simple. The starting price is the price OwnHome purchases the property for (OwnHome pays for stamp duty when it purchases the property). Each fortnight the buyback price increases by 0.143%. This rate doesn’t change, regardless of what happens to prices in the property market.
If property prices have grown faster than 0.32% each month, you keep the difference. For instance, if we bought a $1M property for you, and 7 years later you purchased it back from OwnHome at the pre-agreed price, if the market had grown at 7%p.a., you would have made $307,462 on top of the security deposit contributions you paid. That’s huge!