Partnership breaks down barriers to home ownership
In a first for the Gold Coast, home buyers purchasing off the plan will be able to secure their new home with just a $10,000 initial deposit thanks to a new partnership inked by Lewis Land and Australian proptech platform Coposit.
The Gold Coast's largest active masterplanned community, Harbour Shores by Lewis Land, is the latest major project to throw its support behind Coposit.
This month, Lewis Land unveiled its anticipated Palm House collection – a release of 60 two- and three-bedroom apartments immersed in a wellness precinct rivalling five-star resorts.
Coposit chief executive and co-founder Chris Ferris said the partnership would break down barriers to home ownership.
'Coposit is helping more Australians to access property by paying off the deposit for their new home or apartment while it's being built,' he said.
'It's about empowering buyers and helping projects get out of the ground sooner.'
Coposit enables qualified home buyers to purchase off-the-plan properties with an initial minimum deposit of $10,000.
Weekly, interest-free payments enable the buyer to pay the balance of the required deposit during the construction phase and finalise settlement through traditional financing channels upon completion.
Mr Ferris said demand for Coposit was rising, with major banks including CBA and NAB, as well as top non-bank lenders, now accepting it as a qualified pre-sale.
'Coposit has demonstrated incredible success across the market, onboarding 100 projects along Australia's east coast over the past three years, with a combined end value of $9bn,' he said.
'Investors account for more than 40 per cent of buyers, followed closely by first home buyers, and then downsizers.
'Interestingly, Coposit is also being embraced by luxury property buyers who want to keep their deposit funds in their accounts for longer.'
Mr Ferris said home buyers were not charged any fees or commissions. Instead, developers pay a one-off fee on sales facilitated via Coposit.
In August, the Commonwealth Bank announced it had agreed to accept pre-sales secured through Coposit in residential development projects funded by the bank.
The 16ha Harbour Shores will deliver the Gold Coast's first 6 Star Green Star community for 4000 future residents. The first residents are on track to move in by late 2026.
A 25m lagoon style pool, tennis court, yoga studio and lawn, and community park are some of the world-class amenities provided to residents in the Palm House collection.
Lewis Land chief executive Brett Draffen said Palm House was immersed in recreational amenities exclusive to the residents of the South Shore precinct.
'Palm House is the vibrant heart of the South Shore precinct and is centred around resident lifestyle and wellness experiences,' he said.
'The clubhouse will become a social hub, with indoor and outdoor entertaining options including a lounge, entertaining kitchen and dining spaces, alongside function rooms, a co-working space for those who work from home, a games room, and meeting room.
'It's very much a space for people who value wellness and sport as part of their lifestyle, balanced with the relaxed waterside living experiences this precinct celebrates.'
Located opposite Harbour Town Premium Outlets, the 16ha Harbour Shores masterplan will deliver a 'village of villages' where neighbourhoods are connected by landscaping, green spaces and pedestrian networks, including a 1.2km waterfront boardwalk, 1ha community park, and retail.
Harbour Shores will deliver more than 2000 homes over the next 10 years.
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