This article is from the Australian Property Journal archive
AUSSIE start-up OwnHome has received $150,000 towards their start-up from Commonwealth Bank’s venture building entity, x15ventures.
Lead by co-founders James Bowe and Tim Harley, the business model would have OwnHome buying a property for the customer, allowing them to move in immediately. The customer would then make a monthly payment to OwnHome and within two to five years, they will be able to buy the property off the company for a pre-arranged price.
The money was granted to OwnHome after the start-up won x15’s Xccelerate2020, a fast-tracked program for experienced entrepreneurs and start-ups seeking rapid growth via funding and support.
This was the second staging of this event for the year, with 80 plus start-ups applying and 10 companies being shortlisted. However only four of these 10 were invited to pitch their idea’s at Commbank’s Investment Committee, that this year had the theme ‘helping young Australians get ahead on their finances’.
The result of these pitches was OwnHome taking home the prize, with their approach towards helping people into their dream home earlier.
“We believe that everyone deserves the opportunity to build a life and family in the security of their own home. After seeing so many people we care about making huge sacrifices in pursuit of the great Australian dream, Tim and I were driven to create a solution to this problem, and OwnHome was born,” said James Bowe.
“The passion OwnHome has for helping young Australians achieve financial independence and improve their wellbeing was impossible to ignore. We’re thrilled to be working with them,” said Toby Norton-Smith, managing director at x15ventures.
“It’s been a tough year for the country, but it is the young Aussies who have really been struggling. Many are out of work or considering delaying major life goals such as homeownership due to the coronavirus pandemic, and it’s something we’re looking to solve through Xccelerate,” he said.
