It’s also important to note that paying for a home involves more than the deposit. Read more on the 5% deposit scheme here or speak to your local Mortgage Choice broker to understand if you’ll meet all eligibility requirements today! However, it is important to understand that you must start building within 6 months of entering the contract, finish building within 24 months and move into the property within 6 months of the occupancy certificate being issued. If you purchase a house and land package or land and a separate contract to build a home, you may be eligible to apply for one of the 10,000 places in this scheme. If you’re a first home buyer and are looking to purchase land to build your home on, you may be able to purchase a modest home with a deposit as little as a 5% under the Government’s First Home Loan Deposit Scheme (New Homes) Guarantee. However, if an issue was to arise then it may be covered as most new homes will come with a warranty period. One of the main benefits is that a new home will generally have fewer maintenance issues and tenant requests than an existing home. If you’re looking to invest in property, a house and land package can be a suitable option with many benefits for investors. To avoid any hidden costs in your house and land package, you can ask your builder for a detailed breakdown in the price you’re being quoted. When looking at display homes for inspiration, it's important to remember that some features, such as landscaping, can come at an extra cost. While a house and land package can be an exciting and affordable choice, there are some drawbacks and hidden costs to watch out for. You can calculate how much your stamp duty could be using our calculator here. When buying a house and land package, as long as construction has not started on your new home, the stamp duty calculated will only be on the value of the vacant land you buy. As you’ll be purchasing both the house and land from the same vendor, the process can be more streamlined than purchasing land separately than engaging a builder to start construction.Īnother main benefit that makes house and land packages an affordable option is the savings you can get on stamp duty. The benefit of a house and land package is that it gives you the opportunity to personalise your home to your taste. One option - a ‘turnkey’ solution - typically offers a newly built home on a particular lot of land, whereas the other option provides you with the flexibility to buy the vacant land first, then build a home from a set range of builders and designs. A house and land package can come in two varieties.
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