Piety Group offer 'freeze your rate' at One the Waterfront, Wentworth Point apartments
While buyers continue to watch the RBA raise interest rates which, in turn, is damaging prospective buyers potential spending capacity, Sydney developer Piety Group is looking to offset any fears of future rate rises.
As an industry-first, Piety Group, in conjunction with Laver Residential Projects who are selling and marketing the newly completed luxury lifestyle apartments at ONE the Waterfront in Wentworth Point are making a unique ‘freeze your rate’ offer to investor and owner-occupier buyers.
The offer covers the cost of future interest rate rises of up to 1% over two years to help reduce the mortgage costs for buyers should the Reserve Bank of Australia continue to lift the cash rate.
James Quigley, Managing Director of Piety Group said they believe the direct cost saving will appeal to both owner-occupiers and investors alike.
Sam Elbanna, Project Director at Laver Residential Projects, calls it a fantastic initiative.
“This is the first of its kind that I can recall in the Sydney market and I think this will give people confidence and, more importantly, peace of mind when buying," Elbanna said.
"There has been uncertainty - however, we know from experience this is likely to be a short-term rate hike for buyers and our offer can help overcome this.”
The offer applies across the range of one, two and three-bedroom apartments at the brand-new resort-style ONE the Waterfront complex located at Wentworth Point, with prices starting from $599,000. The rate freeze applies for both owner-occupier and investor mortgages.
Piety Group recently lodged plans for the final stage of their Wentworth Point masterplan, adding another 155 apartments to the precinct.
The RBA has now hiked the cash rate in five consecutive months, with experts suggesting there are still a few more rate rises expected in 2022.