Developer offers $26,000 bonus for property buyers

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Property developer Australand is offering first homebuyers and investors an extra $26,000 bonus in its bid to ramp up sales of its new and off-the-plan developments.

Starting in February, first homebuyers who buy into Australand's master-planned communities will get a $6,000 Woolworths voucher that can be used to buy groceries, electrical items or petrol. On top of this, the developer will also put in a $20,000 lump sum into the buyer's home loan within 21 days of settlement.

When combined with the government's First Home Owner Grant, first home owners can receive a total of $50,000 in financial benefits, according to Tony Pizzolato, Australand general manager, NSW residential.

Investors and second home buyers are also entitled to the $6,000 Woolworths voucher as well as the $20,000 cash bonus.

The offer applies to Australand apartments and houses in its NSW developments located at Lidcombe, Kellyville, Warriewood, Oatley, Hurstville Grove, Wolli Creek and Terrigal. The offer will last until the end of March 2009.

"We expect strong demand in the coming weeks as property buyers take advantage of the current opportunities," said Pizzolato.

House and land packages are priced around the low $400,000s to the low $500,000s, but units in Warriewood are fetching around $600,000 to the low $700,000s.

"First home owners who opt to buy off the plan will have more time to save and still get the $24,000 government grant as long as they settle by 30 June. They can also use a deposit bond as a deposit and pay the rest when the project finishes, and still get the $26,000 incentive, whether they settle in one or two years' time," said Pizzolato.

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