A company in Australia has launched the country’s first Bitcoin-backed home loan, allowing crypto holders to access the property market without selling their assets. The product was made possible by a court ruling that found the company’s crypto lending products did not qualify as financial products.

In the US, institutions are exploring ways to enable crypto-backed financing for home loans. The Federal Housing Finance Agency has ordered Fannie Mae and Freddie Mac to consider crypto holdings on regulated exchanges as reserve assets to underwrite mortgages.

A new bill introduced in the US House of Representatives seeks to require mortgage agencies to recognize cryptocurrency holdings on regulated exchanges as part of a borrower’s financial profile. If passed, this bill would allow crypto to count toward mortgage eligibility without requiring conversion to dollars.

Australia and the US are facing deepening housing crises, with Australia being one of the least affordable housing markets in the world. In Sydney, homes cost nearly 14 times the median income, while in the US, median home prices have reached over $420,000, roughly seven times the median household income.

Despite soaring home prices making homeownership out of reach for many, prices have declined relative to Bitcoin, which is up nearly 87% over the past twelve months. This trend is opening up new opportunities for Bitcoin holders in the property market.

Read more at Cointelegraph: Australia embraces Bitcoin for home loans as housing crisis deepens