News & Media | 07 July 2017

Centrale extends 5% first home buyer deposit

Centrale

A strong response to the halved first home deposit offer available at Centrale has seen Frasers Property Australia extend the initiative, giving first home buyers the opportunity to secure their new home with a reduced deposit and begin the next stage of their lives.

Centrale – Sydney – 7 July 2017 – A strong response to the halved first home deposit offer available at Centrale has seen Frasers Property Australia extend the initiative, giving first home buyers the opportunity to secure their new home with a reduced deposit and begin the next stage of their lives.

As an added bonus, first home buyers in the North Ryde community will benefit from the NSW Government’s recent announcement of stamp duty exemptions for properties priced up to $650,000, with these changes kicking in on July 1.

One-bedroom apartments at Centrale range from $610,000 to $650,000, meaning stamp duty exemptions apply for first home buyers, who can also capitalise on Frasers Property’s 5 per cent deposit initiative.

With only a limited number of one-bedroom apartments remaining at Centrale, plus the benefit of direct access to the onsite North Ryde train station, Frasers Property expects they will sell quickly. Especially appealing is that purchasers can move into their new homes this summer.

Better still - Nigel Edgar, General Manager – Residential NSW, Frasers Property Australia says prospective buyers can walk through and experience the actual apartment right now.

“There are already a number of apartments completed at Centrale, so rather than relying on plans to imagine their new home, people interested in the North Ryde community can actually walk through and see the design and quality of Centrale for themselves,” Mr Edgar says.

“Buyers can get a true sense of the interior style and outlook, and it will be easy for them to imagine their new life at Centrale.”

In April, Frasers Property launched an initiative enabling eligible first home buyers to secure a new home at Centrale with a 5 per cent deposit. Eligible first home buyers need only demonstrate they have finance in place from a reputable institution and can comfortably meet repayments.

“This initiative is about helping people who are ready to begin the ownership journey to exchange on an off-the-plan apartment sooner than they would otherwise be able to do, given the time it typically takes to accumulate a 10 per cent deposit,” Mr Edgar says.

The conditional offer is designed to help those in a position to buy a first home make a move sooner, and the response has been positive.

Originally planned to expire on June 30, Frasers Property has now extended the offer until August 30.

“We emphasise the importance for people to stay within their financial boundaries, so to be eligible a first home buyer will require a pre-approved loan from a reputable financial institution as one of the key terms and conditions of the offer,” he says.

Addressing housing affordability requires a coordinated response by industry and Government. While the May budget contained various initiatives designed to support first home buyers, the reduced deposit initiative is an example of the industry playing its part.

“Making the dream of home ownership available to more Australians means investigating a range of solutions. It also means ensuring people remain comfortable in every sense of the word: financially, emotionally and from a health and wellbeing perspective,” Mr Edgar says.

To ensure the reduced deposit initiative benefits local first home buyers, it’s not open to foreign investors and applies to properties valued up to $900,000.

Centrale is a new community integrated with the North Ryde train station. Located one train stop from Chatswood and 13km from Sydney CBD, it will comprise four residential buildings with 380 apartments in a mix of one, two and three-bedroom configurations when complete.

For further information, visit www.centraleapartments.com.au or call Frasers Property Australia on 13 38 38.