Buying 100% of your home

Obviously, your aim is to buy 100% of your home, and rent none of it.

There are a couple of important things to understand about buying all of your home:

• With Wayhome you can only buy up to 40%

• You can only buy 100% if its value is greater than when you first bought it

Buying up to 40% with Wayhome

Unfortunately, when you own more than 40%, a government tax called the Annual Tax on Enveloped Dwellings (ATED) kicks in. The tax makes it more expensive for you to buy the rest of your home with us.

At some point it’s likely going to be cheaper for you to finish buying your home with either a mortgage or family help. As you build equity in your home by buying more, the amount you need to borrow from a mortgage lender decreases and becomes more realistic.

Think of Wayhome as a way to start buying your home, not necessarily how you’ll finish buying your home.

We're kind of like a bridge to getting the mortgage for a home you actually want to buy.

There’s no set time or ownership percentage that dictates when you might be eligible for a mortgage to buy the last part of your home. You might be ready and eligible when you own 40%, 30%, or even 20%. It differs from person to person because it’s dependent on your personal and financial situation.

There’s also nothing stopping you from owning 5% and renting the rest forever. It’s completely up to you.

When you can buy 100%

We need to make sure the partnership remains fair for both you and the funding partners.

Part of that means making sure the funding partners investment doesn't carry too much risk. And so, for you to buy 100% of the home, it needs to be worth at least what it was when you both first invested in it.