News & Insights

18 Mar/24

Resimax Group launches Australian-first homeownership initiative for renters

Resimax Group is proud to announce the launch of our new renter incentive program as part of our commitment to turn more Australian renters into homeowners across Victoria. The Australian-first initiative dubbed a ‘Leap Year,’ will see Resimax Group contribute a year’s rent towards the purchase price of a new house and land package, fast-tracking the entry rate for renters into the property market whilst increasing their purchasing equity.

Qualified renters who purchase a house and land package within one of our active communities will be eligible for the rebate through the program, which will be offered to over 1,000 existing and all future renters of Resimax Group’s property management partner, Leap Real Estate.

The incentive comes as Victoria’s rental vacancy rate reached 1.12 per cent in January, a record low for the state that will see renters placed under unprecedented stress over the next twelve months.

“When modelling the rental rebate incentive, we looked at what would benefit Victorian renters, who are being increasingly locked out of home ownership due to the rising costs of living.

Offering renters in our communities the opportunity to live essentially rent-free for a year will allow them to fast-track their savings while increasing the amount they can borrow from the lender of their choice,” said Ozzie Kheir, CEO of Resimax Group.

To qualify for the ‘Leap Year’ rebate, renters must lease a property with Leap Real Estate for twelve months and continue renting with the company until their new house and land are settled. All new house and land packages must be purchased through Leap Real Estate in an active Resimax Group community, such as the now-selling Eynesbury development.

“We consistently hear from our renters that the liveability of our estates is unlike anything experienced in Victoria’s growth corridors, primarily because we remain involved in the lives of our residents after land development and settlement.

With this in mind, we’ve developed an incentive that will allow our existing renters to remain within their communities permanently, within their school zones and close to the neighbours they’ve formed relationships with,” said Ken Dodds, Co-founder and Director of Leap Real Estate.

The model will support existing home ownership grants offered by the Victorian Government, including the Victorian Homebuyer Fund and First Homebuyer Grant. The incentive will be open to all Leap Real Estate renters, including those who are traditionally locked out of state purchasing incentives, such as existing homeowners and investors.

“The public sector has failed to deliver any impactful housing and purchasing incentives to stimulate home ownership. If we are to see any shift in market conditions, the private sector must step in and deliver on those promises.

By actively contributing to both housing and rental supply, Resimax Group is in a position to make home ownership achievable for more Australians. I see this as a growing responsibility of the private sector, who have the tools and resources to get these long-term renters into the market,” concluded Ozzie.

Learn more about the “Leap Year” rebate here.