Break into Toowoomba housing market: 'You only need $1000'
TOOWOOMBA Turnkey Homes is making it easier than ever for first home-buyers to break into the market.
Toowoomba Turnkey Homes is a part of property development company PEART Land. It partners with local builders to deliver completed homes to buyers.
But what makes them different is that they are beginning to specialise in new two-bedroom homes - something that hasn't been offered in Toowoomba.
The homes are designed so they can easily be extended to add a third bedroom in time.
PEART Land CEO Mark Peart said 85% of their clients were first home-buyers and they had received more enquiry about these homes than any other.
With rising power prices and higher co
uncil rates putting pressure on family finances, Toowoomba households are under the biggest mortgage stress in Queensland.
Mr Peart said it was easier for people to obtain finance on a smaller home and believed it was the way many people could make their start as home owners without the mortgage stress.
"We are predominantly land developers but recently started to offer land and home packages," he said.
"We found at three and four bedrooms people still weren't able to get finance, so we came up with the idea of two-bedrooms homes with the ability to extend with a third bedroom.
"If I had 20 two-bedroom homes to go at the moment, I think they would all be sold.
"We have the perception in Toowoomba we all need massive blocks of land, and while some people do, young people wanting to get into the housing market are happy with a new home on a 400sqm block of land.
"People only need about a $1000 deposit, the First Home Owners Grant, rental history and a good credit rating and they shouldn't have trouble getting a loan for a two-bedroom home."