Own New Rate Reducer
Buying a new home is easier with Own New
We've partnered with OWN NEW to bring you a simpler and hassle-free way to get an affordable mortgage on a new-build Chestnut Home.
Own New Rate Reducer could allow you to reduce your interest rate while still owning 100% of your property. It’s a regular mortgage, just with lower monthly payments for the initial period.
What is Own New Rate Reducer?
Available to first-time buyers or existing homeowners*, Rate Reducer lets you buy a new build home with a lower interest rate mortgage. It’s a regular mortgage, just with lower monthly payments for the initial period.
- Lower payments
- Sub 2% interest rates
- Own 100% of your property
Own New's Rate Reducer makes your beautiful new Chestnut home a reduced-rate reality.
How does it work?
- Speak to your sales negotiator to find which homes are eligible for the Own New Rate Reducer.
- Once you've found your dream home, your sales negotiator can put you in touch with a specialist new home independent financial advisor.
- They’ll help you determine if Own New's Rate Reducer is right for you.
- Own 100% of your new home!
FAQ's
Who’s eligible to use the Own New Rate Reducer Scheme? And how does it work?
This scheme is open to anyone purchasing a new build property including first time buyers and home movers. Own New works with home builders and lenders behind the scenes, taking a fee from the home builders and using this with the lender to reduce the interest on mortgage payments for the initial term.
What home is the Rate Reducer scheme available on?
Please speak to your sales negotiator for information on which homes are eligible for the Own New scheme.
Who will my mortgage be with?
Own New Rate Reducer enables you to access lower interest rate mortgage products through selected lenders. Own New is the third party that sits between your broker and the lender to ensure you get access to a mortgage that’s right for you.
How do I get started? How do I access this service?
Once you’ve found your Chestnut home, your sales negotiator can recommend an Own New approved financial advisor who will guide you through the mortgage application process.
*Independent financial advice must be sought from a regulated mortgage broker to access this scheme. Your home may be repossessed if you do not keep up your mortgage repayments.
Chestnut Homes will make a cash payment of either 3% or 5% of the purchase price of the property to Own New, which will be passed on to the relevant participating lender so that they can offer a mortgage product at a rate that is subsidised from their usual product range. The percentage amount paid by Chestnut Homes is dependent on the mortgage product selected. The reduced rate will only be applicable for the initial mortgage term. Mortgage offers will be made at the lender’s discretion and in line with their criteria so therefore this offer does not constitute a guarantee of a mortgage offer.
Own New Rate Reducer is available on selected plots and developments only and available to both first-time buyers and existing homeowners. Sales negotiators will advise customers of eligible plots. This scheme is subject to status and participating lenders’ terms and conditions. Depending on the lender’s requirements, this scheme may not be able to be used in conjunction with other Chestnut offers.
