Developer Fini spearheads rent to own in Australia

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JUST like the Taco girl said in the ad “Why don’t we have both?”, some Australians no longer have to choose between renting or buying after innovative developer Fini Group launched what is believed to be Australia’s first “rent to own” offering, with its Stirling Cross Apartments in Perth’s Innaloo, which is also home to an 80-room Quest apartments.

The 1 Sunray Drive property will see $300 of renters’ weekly payments of $365 set aside that can eventually be used as a deposit on the apartment. The offer is currently limited to four apartments.

One-bedroom rent to own apartments are priced from $359,000, and from $480,000 for two-bedroom apartments.

Fini Group development manager, Michael Bower said people would accumulate $1,300 every month, and if they qualify for the first home owners grant would have a $25,600 deposit after 12 months. When they are ready to buy, the money would be released back to them to purchase the apartment they have been renting.

The eight-level Stirling Cross Apartments was built by Probuild and designed by Melbourne architects Elenberg Fraser. It opened in November last year, and as well as the Quest apartments has 271 car parking spaces.

A communal garden area includes two residential lounges, pergolas, an outdoor barbecue and a community garden, and an Audi GreenShare car rental service is all residents. The ground floor has Sonja Gastevich’s Stirling Cross Bar and Bistro and a café. It is located only a few minutes from the Stirling train station.

Australian Property Journal