There are many things to consider when buying a property, and rising interest rates may be high on that list. But if someone is offering to help pay your mortgage, who wouldn’t be interested in looking at the offer?
Developers, The Village Building Company, has announced a new initiative – dubbed Interest Buster Program – to help buyers hoping to call something their own amid rising interest rates, which are currently sitting at 3.85 per cent.
The Village Building Company will give buyers $1000 a month for 12 months at its South Jerrabomberra development in Tralee, NSW – just 20 minutes from Canberra.
“We understand that buyers are nervous about making such a big commitment during this time of rising interest rates,” said The Village Building Company chief executive officer Vince Whiteside.
“Our new Interest Buster Program will assist buyers with their mortgage payments and provide a buffer against interest rate increases during the first year of their home ownership.”
The initiative is offered on blocks of land, and house-and-land packages. Buyers will need to register for the offer on or before September 30.
The company’s blocks of land start from $439,900. Meanwhile, a limited number of three to five-bedroom house and land packages are on offer at a fixed price, from $829,900, eliminating the need for buyers to make additional payments until their home is completed.
“This allows for further savings to be made and buyers have the added protection of the Interest Buster payments for 12 months after settlement,” the company said.
While South Jerrabomberra is still very much in construction, it will eventually house 1500 new dwellings and welcome about 4000 residents upon completion and will be host to many community amenities, including the Town Park.
The Town Park, which is under construction, will include a water splash park, barbecue areas, children’s playgrounds and an amphitheatre for events. A lifestyle park is also in the works.
A town centre will also be built adjacent to the park and will host a supermarket, childcare centre, medical centre and other retail outlets.