By choosing a home and land package with certainly one of HomeStart’s participating builders, you can lower your upfront expenses to build a property to find yourself in your home that is new.
Grow your first home from $3,000*
As opposed to purchasing a block of land then finding a builder to construct your property, a residence and land package bundles it all together. This means you are able to select among the many standard or customised house designs at the same time frame you get the land.
*Based on a complete home and land Package as much as $320,000 (land price of $130,000, develop price of $190,000) from the participating builder (includes $10,000 builder share). Additionally assumes consumer is entitled to 1st property owner Grant and HomeStart’s Graduate Loan. Eligibility requirements, stipulations use. Costs and costs are payable.
How can it work?
Reduced upfront costs
Home & Land packages may be a good solution to reduce upfront costs because:
- You simply spend stamp responsibility regarding the land value and never the home
- HomeStart can provide around 97% of this value of this household and land package to those people who are qualified
- First house buyers could additionally be entitled to the $15,000 First Home Owner give to place to your deposit, charges and costs
- HomeStart does not charge a Lender’s Mortgage Insurance (LMI), and our Loan Provision Charge (LPC) is less than LMI for many borrowers.
For instance, the dining dining dining table below shows LMI or LPC prices for a $400,000 home, with a $380,000 loan quantity (5% deposit):
Spend no loan repayments for 9 months or until your house is built, whichever comes first.
When you combine a HomeStart loan with a residence and land package from 1 of our participating builders, you can easily select not to ever make loan repayments for the very first 9 months or until construction is complete, whichever comes first.