Construction is advancing quickly and first settlements are well on track.
Construction at Melbourne Square is progressing well and we are very pleased to announce that first settlements are on track.
The first series of settlements will be called at the end of 2019.
Have you checked the settlement timeline for your apartment?
If not, please refer to the matrix.
We cannot wait to welcome our first residents to this award winning landmark Melbourne precinct, set to become the vibrant heart and soul of Southbank.
Construction Milestones Achieved
- Core 2 works to pour 100mm above L30 SRL in progress
- L26 in progress
- L21 curtain wall installation in progress
- L09-L20 finishes and fitout in progress
- Core 3 works to pour 100mm above L32 SRL in progress
- L28 in progress
- L23 curtain wall installation in progress
- L09-L22 finishes and fit-out in progress
- Podium - Fitout and Finishes
- B1, L00 and L01 fitout and finishes in progress
- L02, L03, L04, L05, L06 and L07 apartment, back of house and carpark fitout in progress
- FS-01 facade module installation in progress on both East and West
Interest rate cut down to 1% in 2 consecutive months
In its latest meeting, the Reserve Bank has decided it will be cutting the cash rate by 0.25%, bringing it to a record low 1.00%.
This marks the first time since 2012 that the Board has cut in consecutive months. RBA Governor, Philip Lowe said the decision comes as part of a push to support employment growth and reinvigorate a slowing economy.
“Today’s decision to lower the cash rate will help make further inroads into the spare capacity in the economy. It will assist with faster progress in reducing unemployment and achieve more assured progress towards the inflation target.”
APRA eased serviceability requirements to improve customer’s borrowing capacity
People may be eligible for larger home loans from Friday as Apra allows lenders to change the way they assess a customer’s ability to pay.
The Australian Prudential Regulation Authority has taken the brakes off the struggling mortgage industry by telling lenders they can change the way they assess customers’ ability to meet repayments.
Two months ago Apra flagged changes to so-called serviceability requirements by no longer expecting banks to ensure customers could still repay their loan if its interest rate increased to at least 7%.
Please note: although the settlement timing can be subject to change, OSK is confident that the anticipated settlement timing is achievable and we will continue to keep you updated on progress over the coming months.
In preparation of the loan application, you will be required to have various supporting documents such as personal identification, proof of income, evidence of savings and details of other debts/liabilities. The banks will provide a detailed checklist for your preparation.
If you are an Australian resident, please investigate all your loan options.
If you are an overseas purchaser, your finance application should be well underway by now. The pre-approval process will likely take longer for you so we urge you to start the loan pre-approval now. With a pre-approved loan, there are fewer chances of delays with the settlement process.
Current lending options include home loan products offered by overseas banks as well as Non-bank lenders operating in Australia. Attached is a product flyer offered by one of OSK’s panel lenders.
Should you need assistance from us, please do not hesitate to contact Ray Jiang.
LEAVE THE MANAGEMENT OF YOUR INVESTMENT TO THE EXPERTS
Melbourne Square Property is your dedicated real estate agency, established by OSK to exclusively service Melbourne Square.
Our Melbourne Square Property team will ensure the smooth ongoing management of your property by utilising the extensive resources of an international developer, combined with the kind of intimate local knowledge only an OSK property expert can give.
Providing a total property solution exclusively for Melbourne Square property owners, our team are uniquely placed to manage your investment. Our integrated approach and exceptional expertise allows us to look after your every real estate need, giving you a competitive advantage in achieving the highest possible rental return, whilst maximising the value of your asset.
For more information our exclusive property services, please contact us via email by clicking the link below.
MELBOURNE SQUARE TRIVIA TOPICS
Will the gardens be watered with recycled water?
Just as impressive as the precinct’s parks is its sustainability strategy, from water storage and reuse to drought tolerant plants and bicycle parking. Melbourne Square has been designed to be one of the city’s new favourite parks now, and for generations to come.