Developer lures new home buyers with no-deposit loans

Developer lures new home buyers with no-deposit loans
Developer lures new home buyers with no-deposit loans

As expectations rise of a strong spring selling season, builders and developers are lining up to offer incentives to first-time buyers. 

In southeast Queensland, developer Devine is offering buyers no-deposit loans for their house-and-land deals up until January 31, 2012. 

The offer is aimed at buyers who are eligible for up to $17,000 in government grants including the $7,000 first-home owner grant and the short-term $10,000 building boost grant. 

A spokesperson for the developer says enquiries and sales following the launch of the offer at the start of August are “similar to pre-GFC times”. 

Devine requires buyers pay a $500 reservation fee to secure their house-and-land packages.

Devine Queensland manager Andrew Brimblecombe says the No Deposit campaign is aimed at addressing the issue of housing affordability and giving buyers “a much-needed head start”.

Devine communities are located around Brisbane. Current communities include Mountview (Redbank Plains), Waverley Parks (Willowvale), Sandstone Lakes (Ningi) and Woodvale (Burpengary).

Another developer, Stockland, will launch a new national residential campaign on September 12, which will offer buyers a $10,000 furniture voucher. 

In NSW, the Freedom Furniture voucher will be offered when buyers purchase certain house-and-land packages from seven participating residential communities up until October 16. 

The developer has designed 120 applicable houses and is partnering with a number of builders including Masterton, Eden Brae, McDonald Jones, Adenbrook and Brilliant Homes. 

The seven Stockland NSW residential communities participating in the campaign are Waterside and Glenmore Ridge, located in Western Sydney; Darcy’s Peak, McKeachie’s Run and Murray’s Beach, located in the Hunter region; and Bayswood and McCauley’s Beach, located in the Illawarra and South Coast region. 

Stockland general manager residential development NSW Matthew Mears says he is confident that the campaign packages and bonus $10,000 voucher will appeal to buyers seeking value for money. 

Houses start from around $339,000 for a four-bedroom, two-bathroom home with garage and undercover alfresco area at Bayswood, built by GJ Gardner (South Coast). 

Apartment developer Meriton is also looking to incentivise off-the-plan buyers, offering to pay the stamp duty on a number of its Sydney developments including the Alcove, St Ives (two bedroom houses from $540,000); Vantage in Rhodes (two bedrooms for $580,000) and its Epping Park development.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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