AffordAssist + Platypus. Your new way to buy today, defer and pay the deposit within 10 years.
Two Deposit Options
AffordAssist + Platypus, working together to help increase home ownership
About Platypus Impact Housing Australia (PIHA)
PIHA is a registered charity committed to providing support and assistance to people and communities with housing needs.
PIHA will do this by operating independently and in conjunction with registered Affordable Housing Providers representing and supporting community services initially in NSW, ACT, QLD & VIC.
Your Questions Answered
AffordAssist has established working relationship with Platypus Impact Housing Australia Limited (PIHA).
AffordAssist + PIHA, working together:
- AffordAssist. Program governance, process management
PIHA. Shared Equity model. Registered charity. Selected properties
Offering two deposit options. No Interest:
Defer and pay the balance of the deposit ‘periodically’ within 120 months; or
Defer and pay the balance of the deposit by ‘lump sum’ PLUS the Shared Equity portion within 10 years.
Both purchase options: 100% ownership in the title.
PIHA is a registered charity committed to providing support and assistance to people and communities with housing needs. PIHA will do this by operating independently and in conjunction with registered Affordable Housing Providers representing and supporting community services initially in NSW, ACT, QLD & VIC.
A. Up to 15%, typically 10%
A. Typically 10 years
A. NO. The AffordAssist proprietary Deferred Deposit Agreement (DDA) is free of interest.
A. The shared equity is in proportion to the balance of the deposit amount the buyer needed to secure the loan. Example: Where the buyer needs 10% so too is the shared equity and is calculated against the property increased value.
A. The buyer has 100% equity in the property from unconditional exchange.
PIHA holds a caveat over the property to protect their deposit interest. This is registered with the relevant authorities immediately following settlement.
A. NO. Under the PIHA shared equity model, it is completely at the buyers discretion. There is no obligation to make payments during the 10 year term.
A. Buyers may complete the agreement at any time within the 10 year term. The increased value is determined at that time and the shared equity remains in the same proportions.
A. Two amounts are considered to settle the agreement:
1. The deposit; plus
2. The shared equity amount.
Buyers may choose to pay in one lump sum or in annual increments. Options include:
- Roll over the arrangement into a new agreement or
- Sell the property or
- Refinance and pay out PIHA
The caveat is then lifted once all monies are cleared.
A. If the buyers circumstances change eg, job loss, illness etc, then PIHA and AffordAssist will work closely with the buyers to determine the best possible course of action.
How AffordAssist + PIHA Make It Possible
PIHA as a registered charity procures selected properties.
AffordAssist replaces the need for the typical cash deposit required by the lender with a proprietary Deferred Deposit Agreement (DDA), which may be used for all or part-of the deposit and includes a no-interest payment plan.
AffordAssist. Your new way to buy today, defer and pay the deposit later.
AffordAssist Is Life Changing.
Your AffordAssist Customer Care team member remains a key part of the entire process to ensure you are receiving the best possible service.
If you have any concerns or questions, contact AffordAssist today
AffordAssist help with the first home buyer deposit. Replace the need for the typical cash deposit with our innovative deferred deposit solution. AffordAssist is your new way to buy your first home today, defer and pay the deposit later.
AffordAssist is an affordable housing program specifically designed to meet the needs of first-home buyers. It is a corporate solution offered alongside government initiatives with a single purpose to increase first-home ownership in Australia.