The deal is called Mortgage Minder and group executive officer of Investa Land, Lloyd Jenkins, said the company had put the deal together with Aon, one of the biggest insurance consultancies in the world, and Ace Insurance of America

"We've been working with Aon for months putting this together and Aon tells me that what we are doing is unique," Mr Jenkins said.

"The scheme applies to all Australian residents up to 64 years of age providing they have been in their job for at least six months. Basically, we will pay the premium and absorb the cost for every purchaser the insurance company accepts.

"There's no catches. The premium is not added to the price of the purchase or buried anywhere and whether the buyer takes up the offer is a matter of their choice. But why wouldn't you take it up?" he said.

Under the free Mortgage Minder mantle, borrowers also have up to $100,000 cover for accidental injury but more significantly, up to 75 per cent of their monthly mortgage repayment will be met if the borrower involuntarily loses their job through no fault of their own.

"The limit is $4000 a month for a year. After a year the borrower may elect to continue the protection by paying the premium themselves," Mr Jenkins said.

At Cooranbong, Investa has 140 home blocks averaging $150,000 and 10 three-bedroom home-land packages averaging around $350,000.