Co-operty launches new proptech app that unlocks co-ownership as a more affordable way for Australians to step onto the property ladder
Co-operty, the pioneering technology company that is helping Australians to step onto the property ladder via co-ownership, has released the live version of its new proptech app.
The app helps family members and friends buy property together using the well-established tenants-in-common registration because of its flexibility. As tenants-in-common, all parties’ names are noted on the legal title alongside their individual percentage ownership, which can be sold separately or bequeathed as an inheritance.
“We believe co-ownership could be the key to solving Australia’s housing affordability crisis because it significantly reduces the cost to each party,” said Lynda Coker (pictured left), Co-Founder and CEO of Co-operty.
“By buying a home together as co-owners, people can step onto that first rung of the property ladder faster and more cost effectively. From there, they can start to build up their property equity,” said Coker.
“Co-ownership can also be a better way for parents to help their children get into the property market, rather than gifting or lending money. That’s because with co-ownership, Mum and Dad will benefit from any property price appreciation and a potential rental return,” she added.
Via the app, the co-owning parties can come together in a secure digital space to set up their co-ownership agreement and engage an expert conveyancer. Co-operty can also help with a property valuation and make referrals to a mortgage broker and financial advisor.
“Our initial focus is facilitating intra-family co-ownership that supports Mum and Dad’s retirement plans and treats siblings fairly. We are also excited to help housemates move from co-renting to co-owning. There are lots of possibilities, as the co-ownership model is very flexible and the Co-operty app makes it easy,” said Coker.
Co-operty has commercial partnerships with lawlab for conveyancing, PropTrack for property valuations, Effi for mortgage broker referrals and Life Sherpa for financial planning. There is also a partnership with Simple KYC to authenticate any family trust or corporate entities being used to co-buy the property.
“We’ve secured a network of trusted partners who have the right expertise for co-buying, co-borrowing and co-owning scenarios,” said Liz Rochaix (pictured right), Co-Founder and Director of Co-operty.
“The Co-operty team is really looking forward to helping professional advisors – like accountants, lawyers, mortgage brokers and financial planners – understand and unlock the co-ownership opportunity for their clients,” said Rochaix. “In addition to the app, there are helpful resources available on our website, such as a downloadable step-by-step guide and FAQs,” she said.
Access to the app is available via the company’s website, www.co-operty.com.
