Tips on buying & building your new home
Buying off the plan can be daunting, however with these easy steps you’ll be moving in to your new home sooner than you think.
Steps to buying
1. EOI: Secure a block of land with a $2,500 deposit. This is refundable to you if you don’t proceed.
2. CONTRACT: Your commitment to buy the land and sign your land contracts will be subject to you receiving your loan approval.
3. FINANCE: Once you have received your finance approval your contract is unconditional.
4. SETTLEMENT: The balance of your land purchase is payable at settlement.
Steps to building your home
1. PRELIMINARY AGREEMENT: Build your own home or choose a pre-designed home from the house & land package options. A small deposit is normally required at this stage.
2. CONTRACT: Sign your building contract. The builder will require an additional deposit.
3. DESIGN APPROVAL: The house will require approval of the design from the developer.
4. CONSTRUCTION: Building approval from the local council/certifier is obtained then construction can begin. Most builders require progress payments, usually at five stages: slab down, frame up, roof on, lock-up and practical completion – refer to your building contract.
5. HANDOVER: Time to move in!