Commonwealth Bank of Australia will allow home buyers to initially pay just $10,000 in a deposit for off-the-plan homes – with the remainder secured by property tech platform Coposit – making it easier for them to break into the housing market and for developers to get the financing needed to start building.

The scheme comes at a time when off-the-plan projects have struggled to get off the ground as lenders shun larger, more affordable housing projects aimed at first home buyers, to focus on smaller, luxury developments with bigger profit margins in response to higher land prices and construction costs.