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[title]For many aspiring homeowners, trying to save up for a home deposit can feel like a never-ending cycle of playing catch-up. As soon as you’ve made some progress in your savings, there could be a spike in the housing market that puts your dream home just out of reach. And to top it off, you’re probably also throwing money away on a rental that you don’t particularly care about.
That’s why the Victorian-based development company Assemble has come up with its own spin on the rent-to-buy model. The Assemble Futures model is designed especially for first-time low and moderate-income home buyers in Australia and consists of phases that take place over the course of several years.
First, future residents sign a lease that offers them both an agreed rental price over five years and a fixed purchase price for the apartment. Apartments vary in price based on the number of bedrooms, with the most affordable being the studio apartment designed for those making around $60,000 annually through to three-bedroom apartments.
The next phase involves around a two-year planning and building period followed by a five-year leasing period where residents can enjoy their future home while saving for their deposit. In the final phase, renters have the option to either purchase their home at the previously agreed-upon price or, if their circumstances change, they have the option to walk away with their savings.
This duration of time, as well as the agreed rent and fixed purchase price, are intended to support residents on their journey to purchasing the home. Assemble also offers an in-house financial coach who can advise residents about saving and ways to cut spending without compromising their quality of life.
“We are witnessing the strongest growth in property values in our history, rising at their fastest rate in almost two decades,” says Assemble managing director Kris Daff. “Our housing concept takes the volatility out of the market and provides absolute price certainty for our clients.”
To lower costs even further, energy and internet services will be offered at or below market rates and the apartments will be fitted out with high-efficiency heating and cooling and energy-efficient windows and doors. Residents will also have access to bulk buying partners of everyday household items from brands like Thankyou, Everyday Coffee and Who Gives a Crap.
While the overarching ethos of Assemble is to give aspiring homeowners a chance to own a home, that’s not the only service it will offer. These communities will aim to increase community connection and participation by encouraging residents to get to know each other. This is achieved through the shared amenities available like a lending library, multi-purpose room and rooftop with a barbecue area, dog park and veggie gardens as well as events programmed for residents like movie nights and demolition parties.
"Our developments provide those with a moderate annual income an opportunity to save for a home deposit, know they have the security of tenure and live amongst a thriving community in a quality apartment," says Daff.
There are three currently available Assemble projects, including a Kensington building that is set to welcome residents in the next year. A second Kenginston project, as well as a Brunswick project, are both scheduled for completion in 2023.
If you’re interested in becoming an Assemble resident, there are still a few apartments available in each of the communities. For more information and to find out how to register your interest, head to the Assemble website.
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