A new digital platform has launched in Australia to help young home buyers combine their resources and get a foot in the door of an increasingly difficult marketplace.
Kohab, a digital platform, community and marketplace, will help Australians purchase a home with like-minded individuals by connecting co-owners with properties, agents and other providers all in the one place.
Kohab will help many different types of buyers, from homeowners that wish to live in the property, to investment buyers and even “lifestyle” buyers who want to share a holiday or second home.
The platform will guide buyers through the key steps of co-ownership including the provision of a legal agreement, developed by legal firm Sparke Helmore, that provides a safe and secure way to buy and sell together.
The introduction of co-ownership mortgage products will hold each party responsible for their part of the loan only.
This means individuals do not have to guarantee their co-buyers mortgage repayments and an individual’s payments are based only on their percentage ownership.
Founder and CEO David Dawson, came up with the platform after realising that single property ownership had become out of reach for many young Australians.
“We believe that co-ownership is an often-overlooked method of buying property and may hold the key to that dream being reignited, allowing many Australians to take the first step on the property market ladder,” he said.
Research conducted by Kohab of over 1,700 Aussies found that the main reason many couldn’t afford to buy was because they were unable to save money for a deposit and were unable to afford a property in their preferred location.
Their research found that 27 per cent of respondents would consider buying with someone else, whilst a further 9 per cent would consider co-ownership if they had more information.
“The phenomenal growth of brands such as Uber and Airbnb have clearly demonstrated that the share economy is alive and thriving. These types of concepts have created a seismic shift in how society views co-sharing in general.
“As such, Kohab aspires to be the global platform and marketplace for property co-ownership,” said Mr Dawson.
Kohab is led by two founders, Mr Dawson a former managing director of Profusion Group and Darren Clark, a founder and technical director of a digital agency.
The duo is joined in the executive team by CMO, Lewis Pullen, former head of marketing for the satellite division of IAG, and sales director Andrew Thain, previously a director with Morrow Sodali.
The launch was attended by various partners and stakeholders in the venture including Leanne Pilkington, the president of REINSW and Graham Mirabito, the former CEO of Corelogic.
“Kohab will offer one of the key answers to the housing affordability issue in Australia. We want to see more Australians ultimately owning their own home, and we are committed to educating the market on co-ownership options and facilitating those opportunities,” said Mr Dawson.