Deciding to buy a home is an enormous and life changing decision.
This guide is designed to give you an idea of the processes involved and will vary slightly from builder to builder.
Once you have established a budget & obtained a written preapproval from your lender you are ready to go.
Discuss your home needs with your builder, then select your home design.
Then select a block of land that is suitable for your selected home.
These go together to form your Home & Land Package for your loan.
Your House & Land Package will consist of 2 separate contracts - one for the land and one for the house, which go together to form a package.
TIMING |
ITEM |
CLIENT REQUIREMENTS |
Week 1 |
Pay deposit on land and sign a contract - see Land Purchase Procedure | Pay 0.25% deposit on land & sign contract. Make appointment with your Legal Representative for Land purchase |
Week 1-2 |
Builder to prepare formal quotation |
Request Quotation |
Week 2 -3 |
Pay deposit (or balance deposit) to builder and sign your quotation & pay balance of Land deposit |
Obtain formal loan approval from lender |
Week 4 |
Builder proceeds to draw plans for Council & Statutory Authorities |
|
Week 5 - 6 |
Builder has Client sign plans and select colours with Builders Colour Consultant. Settle Land Purchase. |
Sign Plans, Complete Colour Selection & settle land purchase |
Week 7 - 12 |
Builder lodges plans for Council & Statutory Approvals and approvals obtained. |
Client to provide proof of ownership of Land to builder |
Week 10 - 12 |
Builder prepares Building Agreement for execution by Client |
Client signs building agreement & provides Authority from bank to commence construction |
Week 13 |
Builder completes final construction plans and places orders with suppliers
|
|
Week 14 |
Construction Starts - 6 - 9 months until completion |
|
Approx Construction Payment Schedule* |
|
Initial Deposit |
$2,000 - $4,000 |
Balance of deposit |
5% |
Slab Complete |
20% - 25% |
Frame Complete |
25% - 30% |
Brickwork & Roof complete (Lockup) |
20% |
Internal Linings |
15% - 20% |
Completion & Handover |
5% - 10% |
* Varies from builder to builder |
|