After just moving into their first home in South Jerrabomberra last week, Sam and Rachel Lazarus have put down a deposit on a larger house and land package just around the corner.
Building their four-bedroom home was a dream come true. But with six children, the couple decided they needed more space, so took advantage of the Interest Buster initiative offered by The Village Building Company to upsize.
Their second, five-bedroom home is due for completion within 12 months – one of a limited number of new Village house and land packages designed and priced to suit large families.
The Village Interest Buster program is helping to protect buyers such as Sam and Rachel against possible further interest rate rises by offering payments of $1000 a month for 12 months on all sales exchanged between 10 May and 30 September 2023 at its South Jerra development.
When they first started looking for a home last year, Sam and Rachel weren’t expecting the impending interest rate hikes coupled with ever-rising living costs. So they’ve welcomed the offer of financial assistance from Village.
“In 12 months’ time, hopefully interest rates will have come down so we can continue to pay the mortgage repayments we had anticipated,” Sam said.
With six children – aged between eight and 19 – to feed, cloth, educate and transport, the rising cost of living has hit the family hard.
“The cost of fuel, groceries, everything’s gone up, but definitely this has been timely assistance by Village, and we’re delighted. It will go a long way for us,” Sam said.
With the stress of everything going up combined with building their first home, Rachel said the family was “so much more at peace” knowing they could make their repayments once their larger home was completed.
The family was initially looking to buy or build a home in Canberra, but Sam said the larger blocks at South Jerra suited them perfectly.
“With six kids and a dog, we were very specific about what we needed,” he said.
“We were looking for a minimum of four bedrooms with a big backyard around South Canberra, but all the houses we were looking at were older and needed work or extensions. They were dated and very few had insulation, so they were very cold during winter and very hot during summer.
“The price of older homes started increasing, so we began looking further afield and came across a friend who had also bought a house and land package, so we decided to go for it.”
Rachel said the family loved the South Jerra area and they were looking forward to the new infrastructure that was in the pipeline, including a new school, parks and sporting facilities.
An audiologist, Rachel works in the city a few days a week and also travels to Cooma. Most days she drops the kids to school, then takes the bus to work.
Sam recently started his own physiotherapy consultancy business from home, and drives to aged care facilities all around Canberra.
They agreed the proximity to Canberra was great and offered good value for money compared to older homes on smaller blocks closer to the CBD.
The Interest Buster scheme is being offered on blocks of land and house and land packages at South Jerrabomberra.
The Village Building Company CEO Vince Whiteside said the new program would provide a buffer against interest rate increases during the first year of their home ownership.
“We understand buyers are nervous about making such a big commitment during this time of rising interest rates,” he said.
Village has released a limited number of new three-to-five-bedroom house and land packages at South Jerra priced from $829,900, and has blocks of land for sale from $439,900.
The price is fixed on house and land packages and, after the initial deposit, buyers pay nothing further until their home is finished.
Buyers are freed from having to make progress payments or loan repayments during the construction of their home. This allows buyers to make further savings and have the added protection of the Interest Buster payments for 12 months after settlement.
Mr Whiteside said this made buying a home or a block of land at South Jerrabomberra a very attractive proposition.
South Jerrabomberra is located within 20 minutes of the bustling town centres of the Australian Capital Territory, the employment belt of the Parliamentary Triangle, the airport and Queanbeyan CBD.
The new community will offer an unbeatable lifestyle for residents. Recreational facilities include an outdoor gym, children’s play spaces, a splash park, a learn-to-ride facility, barbecue areas, an amphitheatre for events, shared pathways and a dog park.