Sydney developer,Coronation Propertyis helping to make stepping onto the property ladder a little easier for aspiring home buyers.
Coronation, a local developer of mixed-use developments and masterplanned communities across Sydney, has recently launched their 'Own Way' finance scheme, which offers flexible deposit arrangements for aspiring buyers.
The scheme caters to homebuyers wanting to get a foot in the door, but who may be struggling to save for the substantial 10 per cent deposit, with the payment scheme allowing purchasers to secure an apartment with just a one per cent, up front deposit.
After which, buyers can continue to save and pay off the remaining balance of the 10 per cent deposit over a 12-month period.
Further easing the burden for young buyers, the Own Way payment scheme has no impact on eligibility for the NSW Government’s First Homeowner Grant and First Home Buyers Assistance Scheme.
The scheme is eligible atCoronation Property's project, Mason & Main - the group's precinct-style project west of Sydney in Merrylands.
Les Landerer, a senior executive atCoronation Property, says the scheme was primarily designed to support first home buyers and young families, who are consistently priced out of the housing market.
“Coronation Propertyis committed to helping more purchasers on their personal journey towards buying their first property, because we understand it’s one of the most valuable and rewarding investments most people will make in their lifetime,” Landerer says.
“With the gap between median house and unit values in Sydney increasing, the Own Way scheme allows buyers to enter the local property market at an attainable price point, without having to sacrifice on quality.
“We collaborate with the most distinguished architects and interior designers in the industry to develop and build high-quality, high-design residences, crafted especially for the diverse lifestyles of our buyers, and this new scheme is our way of helping people gain affordable entry into Sydney’s housing market.”
After trialling the incentive with select customers in 2021,Coronation Propertynoticed strong uptake of the offer, which in turn helped with the decision to expedite the launch.
First home buyer, Soomin Lee, was among the first to take advantage of the Own Way scheme, purchasing a two-bedroom apartment at Mason & Main.
“I feel like we’re always told to buy house and land, but the 10% upfront deposit wasn’t feasible for me,” Lee said.
“By locking in an apartment on a one per cent upfront deposit instead, and then having time to save the remaining portion of the deposit, I was able to get into the property market straight away and have the convenience of being able to pay the remaining balance over a reasonable timeframe.
“Without the one per cent incentive I would have had to wait another two to three years to buy a home. It was always in the back of my mind, but I wasn’t able to make it a priority,” Lee added.
This article was written by Alison Waters and featured on Urban.com.au here.