PHOTO: Privium Homes

One of Queensland’s top homebuilders has launched an out-of-the-box initiative to help buyers span the deposit chasm and get into home ownership.

Privium Homes has launched the Deposit Boost program in partnership with Joii Money Ltd.

The program offers eligible Australians a low-interest secured loan, repayable over a 10- to 20-year term.

Privium Homes CEO and founder Robert Harder said that the loan is no different to other conventional loans, except for the availability of a longer term.

He said that the program is filling a gap created by tighter lending after the banking royal commission.

“It can be daunting to save 20 per cent of the purchase price, and it’s leaving an increasing number of young Australians with the perception that they’ll likely never achieve home ownership,” Mr Harder said.