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Summary
- AffordAssist’s financing solution substitutes conventional cash deposits for proprietary DDA agreement.
- The role of AffordAssist’s program becomes significant, given the growing challenge for the first home buyers to arrange initial property deposits.
- The Company’s holistic program also works well for property owners, real estate agents, and brokers.
AffordAssist has emerged as one of the robust property platforms, thanks to its unique property deposit and loan-deposit solution for buyers, which obviates the need for the typical 10%, 20%, or 30% cash deposit.
The proprietary Deferred Deposit Agreement (DDA) proves to be a trump card for the Company’s offering, with buyers able to use it for all or part of the deposit. What’s more, there is no interest payment.
DO NOT MISS: Property Talks with Anthony Aoun, Director and Founder of AffordAssist
With this backdrop, let us explore why this solution, in addition to several others offered by AffordAssist, is positioned exceptionally well to bolster the Australian property market, especially when it comes to first-home buyers.
ALSO READ: How AffordAssist helps buyers get closer to their dream homes
AffordAssist’s solution is a right fit for the Australian property market
The Australian real estate scenario is attracting attention worldwide as the record-high prices of even rundown properties continue to astound investors and buyers. The buoyant property price trend in the Land Down Under has been mainly catalysed by its robust infrastructure, a broad spectrum of education and job opportunities, and higher living standards.
Nevertheless, not all is peaches and cream in Australia’s property setting, especially when the soaring property price has dashed the hopes of first-home buyers. Meanwhile, Aussie buyers face one of the biggest challenges in arranging initial deposits while the rent burden weighs heavy on them.
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As per the latest CoreLogic data, there has been a sharp increase in rentals, with the country witnessing a 6.6% increase in the median rent over the past twelve years. Thus, the ongoing scenario may impact the saving ability of homebuyers.
INTERESTING READ: Break away from the Rent Trap with AffordAssist’s solution
In the current scenario, AffordAssist’s DDA solution fast-tracks the potential homeowners’ journey, thereby helping them save significant rent costs. Moreover, the Company also provides a range of property options, which buyers can avail. Therefore, it can come quite handy in alleviating the ordeal of property search, especially when demand surpasses the property supply.
ALSO READ: How AffordAssist is making life easy for first-home buyers
How AffordAssist helps Property Sellers and Lenders
AffordAssist also collaborates with several sellers, real estate agents, and developers, who tend to benefit from the Company’s growing pool of potential buyers. It can be significantly helpful for stakeholders who are struggling with their existing sales.
Notably, the sale settlement might be at risk of crashing because of an undervaluation. At this point, AffordAssist can come to the rescue by providing the proprietary Deferred Deposit Agreement (DDA) between the Seller and the buyer, thereby managing the shortfall.
ALSO READ: AffordAssist offering First-Home Housing Solutions alongside Government Initiatives
The governance process incorporated by the Company consists of a program solicitor, advising deposit payments to buyers and thus ensuring program longevity by protecting other stakeholders.
