Martin Brighton buyers to earn generous 7% interest on deposit
While the RBA's interest rate hikes have hit current homeowners on variable mortgages and put a dampener on consumer sentiment, it's made prospective buyers deposits grow quicker than they have in years.
As banks pass on the mortgage rate increase to home loan customers, they're passing on the same interest rate hikes to those savers, which acts in the reverse to mortgage holders given savers don't actually owe the bank anything.
Some banks are offering saving rates upward of four per cent.
The luxury Melbourne developer, EBG Developments, is offering a unique incentive so buyers can get the best of both worlds.
They're offering buyers at their under construction Martin Brighton apartment development a seven per cent interest rate on their deposit, which will last until the apartments are ready to move in, which will be early 2024.
Buyers have also been afforded a five per cent deposit, as opposed to the traditional 10 per cent.
Projects by Buxton Director Heath Thompson, who is handling the sales at Martin Brighton, says he hasn't seen an incentive like this before.
"A five per cent deposit of the entry-level $1,395,000 apartment is just shy of $70,000, so that could be around $5000 worth of interest a buyer could generate while waiting for the project to complete," Thompson says.
"For the three-bedroom buyers, the interest generated will be over $6,000, and can reach as high as $7,500, based on a five per cent deposit."
Martin Brighton, which is now 40 per cent sold, has just 11 two and three-bedroom apartments, with interiors by the interior design doyenne Miriam Fanning's MIM Design.
“It was important that Martin residents experienced a true scale proportion that you would find in an individual home – size proportion and flow of planning were essential when delivering the design of Martin," Fanning told Urban.
Thompson says the project has proved popular with downsizers due to its unrivalled Brighton location.
"The project is unique in the sense it has a Brighton postcode, but it offers a different lifestyle than what many perceive what living in Brighton is like," Thompson says.
"Martin Street is not about the bay or the beach, albeit they're less than two kilometres away from the project. It's more about the doorstep lifestyle that the Martin Street Village has.
"There's a community feel around Martin St which you don't really get from Bay or Church Street. It's more like Hampton Street was before the recent large scale development."
