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A new website for people trying to sell their homes privately is offering buyers an equity boost.HomeBoost.co.nz charges sellers a fee of between $500 and $2000 on each sale, and another 2 per cent of the purchase price, which is then given to the buyer.
Most real estate agencies charge sellers about 4 per cent in commission.
Under the HomeBoost model, the buyer of a $820,000 property could expect a rebate of just under $14,500.
HomeBoost founder Ben Hickey said he got the idea watching people struggle to get into the market.
"For most first-home buyers, the biggest challenge is raising an adequate deposit to even get a foot in the door. By removing the commission and sharing the spoils between the buyer and seller, we can increase the chance of owning a great home."
Buyers are offered a "deal sheet" to create the basis of a sale and purchase contract for a lawyer to draw up.
HomeBoost has a team of five staff. It has 93 listings nationwide and is aiming for 500 by April.
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