Your floor plan ticks every box for both investors and owner occupiers – 4 large bedrooms, 3 living areas, 2 bathrooms, a study, an extra large double lock up garage, an alfresco, security window screens, security doors, split system air-conditioning, and ceiling fans to all bedrooms, and enough land to do even more with in the future.
We’ll show you new homes that have either already been sold, or will be available to own at completion.
- The site engineering, planning approval and preliminary works have already been done.
- The house may already be under construction and ready to transfer to you at settlement.
Normally if you are building a house you need to set aside funds (typically 10k or more) to cover interest payments during construction. These are valuable funds that could otherwise be used for your deposit.
Purchasing a home this way means there are no interest payments during construction because:
- the construction is already being carried out, and
- your loan is not settled until the house is complete.
Another cost we can help with is mortgage insurance. Mortgage insurance is a cost of finance for anyone with less than 20% deposit. It doesn’t protect you, it protects the bank, and it is an upfront cost of finance.
Even though some banks will lend you more money to cover the mortgage insurance, this can typically add up to around $50 per month in extra payments for 30 years – just to pay off the mortgage insurance.
So we will pay your mortgage insurance up to $10,000.
This varies, but the mortgage brokers are telling us typically about 12-15k of your own savings for first home buyers, some of which can be saved up during construction. On some properties maybe less.
We can’t tell you what you can borrow but a mortgage broker can.
Another rule of thumb is about $60k gross for a single, $80k gross per couple, plus about 10k gross per child – more if you have other repayments.
Your broker will tell you exactly, but a rule of thumb says about $1 a week for every $1000 the house costs.
So if your home costs $420K, then expect a weekly mortgage payment of around $420/week*. That’s probably less than rent on a similar property.
For a more detailed analysis, try the purchase calculator.
*subject to your own circumstances and your own lenders calculations.
- Talk to Brad to find out about the current homes under construction (0499 098 702)
- Talk to a Broker
- Choose your home
- Sign your contract subject to finance
- Complete your finance application
- Move in at completion