First Home Buyers

The deposit starts from 2 per cent of the contract purchase price and is paid at land settlement.

If you take out a mortgage (home loan) to fund the purchase of your new home, the bank may register a mortgage against your property to secure the loan. There is a one-off Landgate registration fee to register a mortgage.

You’ll need to consider if you want to go with a standard builders design or make changes and upgrades

Professional assistance by a suitably qualified person is needed to legally transfer ownership of the property you are buying. A settlement agent or lawyer can conduct property and title searches to ensure the seller is legally entitled to sell the property. If you’re purchasing a strata property, they will make enquiries to the strata body corporation in relation to levies and insurance. Ranging from $1500

Many financial institutions charge a fee simply for applying for a home loan or to set up your home loan account. Other common fees include valuation fees, document preparation fees, bank cheque fees and monthly or annual account services charges. These fees will normally be deducted from the amount of money you borrow, before funds are made available to pay for your new home. Fees can vary significantly between lenders, so do your research to find out exactly what fees and charges you must pay.

Banks and other financial institutions will charge a one-off insurance fee if your home deposit is less than 20% of the property value. This is generally 1-3% of your loan amount and provides insurance to covers the lender. To avoid paying this fee, you will need to save a larger deposit or offer additional security. If purchasers go through Keystart there may not be LMI.

Site costs are the costs of preparing your block of land for building.

Basic fencing and landscaping is usually included in standard builders packages but it is worthwhile checking upfront

Smart Wiring is a system that combines various types of wires inside a home into a single platform. The wiring system allows homeowners to integrate their smart technology, such as home security systems and sensors, throughout their homes. It is cheap to use smart wiring although it is not a standard in many buiilders packages. If it is of interest, be sure to ask upfront.

In WA all new houses are NBN ready. Your new home will have the essential phone and internet connections, however it is important to check carefully where these are placed and if there is a sufficient amount for your current and future needs.

Solar electricity is one way to power your home that benefits the environment. There are no direct greenhouse gas emissions because the electricity is made from sunlight rather than burning fossil fuels. Sunlight is a renewable energy source, meaning we will never run out of it. Although it is becoming more common to include some solar panels as part of standard building packages, be sure to check the type and number of panels, quality of inverter, warranties and if there is a battery – and if all this is suitable for your needs. If not, it may be worthwhile engaging a specialist company to install the panels after construction is complete.

It isn’t uncommon for new construction homes to be missing a few essentials here and there. Contractors usually have a fixed number of appliances and facilities they offer in new construction homes, depending on how much room their budget allows and, more importantly, what you are expecting, considering the money you spent.

Variations are commonly referred to as the changes in the previously agreed upon building contract. These can typically include anything from changes in the design of door, windows, walls, taps etc, to variations in the quality of the product and the order of construction.

Although you won’t be paying full mortgage whilst building your home, it’s important to be able to cover your living arrangement whilst your new home is being built. Keep in mind, some lenders can help cover your rent whilst building – talk to our finance broker to find out more.

FIRB is an Australian government department that assesses applications from foreigners who would like to invest or buy a home in Australia.

Each house now requires a 6 star energy rating in WA. Certain developments will require you to use more energy efficient items such as taps, toilets, shower heads, solar power, demand response for air conditioning and hot water units etc

Fees will be applicable if you have overhead powerlines (tiger tails) or on a main road (traffic masnagement). They can range from $2000 – $10,000 on the build.

There’s always always risk once you have signed a contract if there are title delays on your land – material or trade shortages, weather issues, etc

A Bushfire Attack Level (BAL) assessment (basic) is a simplified process for determining the BAL for a building, or proposed building, that has a risk of bushfire exposure due to bushfire prone vegetation.