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Developer Offers Interest Rate Freeze to Combat Further RBA Hikes
On the back of the fifth consecutive interest rate rise taking the current rate to a seven-year high, there is much anticipation that we will see a further rise by the RBA in October. Many finance and property experts have expressed concerns about the impact on property buyers.
While the recent interest rate rises have a different meaning to those holding variable and fixed rate loans, those getting into the market right now have to allow for a buffer to accommodate further hikes in loan repayments as the trend of rising interest rates is likely to continue.
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 essentially 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: “In recognition of recent rises in interest rates and the prospect of further increases, Piety is offering to help purchasers with this interest rate support. We believe this direct cost saving will appeal to both owner-occupiers and investors alike. ”
Sam Elbanna, Project Director at Laver Residential Projects, says this is 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. 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.”
Effectively, the developer has come up with this unique offer to provide purchasers of the ONE the Waterfront resort-style apartments be insulated from any increases in interest rates with Piety Group covering consequent increases in mortgage payments due to interest rate rises of up to 1% over the next two years for contracts of purchase signed within a limited time period.
The offer applies right across the range of 1, 2, and 3-bedroom apartments at the brand-new resort-style ONE the Waterfront complex located at Wentworth Point, with prices starting as low as $599,000. This places added peace of mind on these attractive lifestyle apartments for both – owner occupiers as well as an investment option with strong appeal for the Sydney rental market.
With Sydney’s apartment market traditionally enjoying high demand and capital growth even during subdued market climates, these apartments in conjunction with this first-of-a-kind interest guarantee from the developer place a unique buyer option on the ONE the Waterfront complex.
Terms and conditions apply. For more information on ONE The Waterfront and the offer by Piety Group & Laver Residential Projects visit: https://youtu.be/tdqL8ztBL-Q or www.onethewaterfront.com.au/
Apartment living and investing has long been a more affordable pathway than house and land properties, making this brand-new development not only a stand-out complex but with the interest rate guarantee a much safer place to buy into in the face of growing interest rates.
