12:00a.m. 11th October 2008

Twenty new-home buyers on the Sunshine Coast could save up to $90,000 and cut 10 years off their mortgage, thanks to a deal being offered by Queensland’s biggest residential developer.

Coming on top of Tuesday’s surprise 1% cut in interest rates by the Reserve Bank of Australia, Stockland said its Mortgage Buster deal would apply to house-and-land packages available at four of the company’s Sunshine Coast projects: Bellvista, The Boardwalk, Doonella Noosa and Woodgrove.

Stockland Queensland general manager Mark Hunter said under the offer, anyone who purchased one of 58 specific home-and-land packages would receive a $17,600 cash rebate at the time of settlement.

Mr Hunter said by investing the total rebate into their mortgage, buyers would save $89,597 and cut 10 years off their loan on a $500,000 home-and-land package.

“Combined with this week’s substantial cut in interest rates, that would help give potential property purchasers the confidence to act now,” he said.

Mr Hunter said in Stockland’s research, potential buyers had listed house prices and expectations of lower interest rates as factors affecting their plans.