Award-winning property developer Beulah is hoping to give young Australians a leg up in the Melbourne property market by allowing individuals to purchase an apartment in their Paragon development with a deposit of just $1.

To help mitigate the affordability crisis in the Australian market, Beulah will lend the required 10% deposit to a handful of lucky purchasers, which is to be paid back within 24 months before settlement – interest free.

Beulah’s General Sales Manager Jamie Baldwin said saving for a deposit is the main hurdle Australians face when trying to enter the Australian property market.

“By the time people save their 10% deposit, which can take a few years, the properties they were looking at have gone up even further and they need to reconsider their price bracket, or save a larger deposit.

“By lending the deposit to purchasers, they’re able to secure the apartment for the price it is in 2017 and have two years to repay the 10%, before their mortgage repayment kicks in,” he said.

A limited supply of prestigious apartments in Paragon range in price from $560,000 to $1.3 million, meaning Beulah will be lending deposits up to $130,000.

“It’s like Afterpay essentially, but on a much larger scale.”

Located at the former Celtic Club site on Queens Street and developed by Fender Katsalidis, Paragon comprises of 227 apartments and Australia’s first indoor elevated forest.

To learn more and to test your eligibility, please visit paragonqueenst.com/dollar-offer or call 1300 877 176.

Note: Offer now expired

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