The Right Start by Mirvac: giving first-home buyers a break

Housing affordability has been a hot topic this year, and is nowhere more keenly felt than in Sydney.

According to research by Ipsos Australia1, 41 per cent of people in NSW rate housing affordability as one of the most important challenges facing the community.

Recognising that it was within our power to make a difference, Mirvac came up with an initiative to tackle the affordability issue. At our Pavilions apartment project at Sydney Olympic Park, we launched The Right Start by Mirvac: a new initiative to help first-home buyers struggling to break into the competitive Sydney market.

The Right Start by Mirvac was designed to address two of the main pain points that first home buyers experience: firstly, saving enough for a deposit, and secondly, securing a property ahead of other prospective buyers (many of whom may be more experienced and confident about the purchase process).

60
apartments reserved for pre-qualified first-time buyers ahead of other purchasers

At Pavilions, we reserved 60 apartments for pre-qualified first-time buyers ahead of other purchasers. We also gave these customers the option to exchange with a 5 per cent deposit, paying the remaining 5 per cent in two instalments over the next two years. In addition to this, we connected our customers with a mutual banking society that could provide competitive lending terms and a savings regime.

Thanks to The Right Start campaign, 54 first-time buyers were able get their foot in the door, and save up for the full 10 per cent deposit over a more manageable time frame. The initiative was a great success, and we will look to repeat it on other projects in future, allowing us to continue to help Australians make home ownership a reality.