Intention of first-time homeowners to use crowdfunding: a framework of planned behaviour in Malaysia

Property crowdfunding has become an alternative home financing option in Malaysia, helping first-time homebuyers secure financial assistance for homeownership. The success of this novel financing mechanism depends not only on investor participation but also on homebuyers’ willingness to adopt it. Grounded in a novel context-adaptable extended model of the Theory of Planned Behaviour, this study aimed to examine the intention of first-time homebuyers to use property crowdfunding as a means of financing their home purchases. A total of 281 valid responses were collected through an online survey, following which structural equation modelling was performed via SmartPLS 3.0 to analyse the data. The findings show that homebuyers’ intention to use property crowdfunding is significantly influenced by their attitude, perceived behavioural control, perceived product availability, perceived trust, and perceived governmental support. Within the Malaysian context, the findings suggest that strong government involvement (i.e. regulatory oversight, credibility assurance, and incentives) is imperative for homeowners to list properties on crowdfunding platforms. These implications highlight the need for supportive policies and platform structures to encourage the wider adoption of property crowdfunding in similar housing markets.