LIMITED TIME – New HomeBuilder Grant
20 GREAT TIPS TO HELP YOU BUILD YOUR DREAM HOME AND GET THE $25,000 GRANT
First Home Buyer? You could boost your grant to $40,000!
- Find out how much you can spend. See your finance broker or bank.
- Time is important but so is the sequence in which you do things.
- Decide if you want to build in a new estate or on an infill block.
- Choose a block which already has a title issued and all services connected as this will save time.
- Talk to a building broker. Ask them if they see any issues with the block.
- The broker will work for you throughout, providing advice and assistance. They are looking after your interests not the builders (unlike a builder’s sales consultant).
- Ask the broker if the block is located in a Resi Code area. It could mean faster approvals.
- Choose a basic plan. Your broker can show you plans to get you started and they can be customised to meet your needs.
- With the block and plan sorted your broker can check that you are within your price range.
- If you are looking at a house & land package, the house plan should be able to be varied and the land is often not exclusive to just the one builder.
- House & land packages involve 2 separate contracts. Make sure you don’t buy the land if you can’t build the house.
- A condition of the grant is for building to start within 3 months of the contract being signed. Having plans and other documents prepared and ready to go before signing the contract will make the 3 month condition easier to meet and reduce the stress.
- Your building broker can organise for your house plan, site engineering and council planning approval. This should all be completed before choosing a builder and signing a building contract.
- Now that you are well on your way with the paperwork your broker can tender your job to reliable builders prepared to offer you a fixed price contract.
- If money is tight it is important to have a fixed price building contract without any allowances or estimates. Otherwise you are likely to either have to find more money or take out the extras you really wanted.
- Ideally the contract will be for a “turn key” finish. Your bank may insist on it and it means that your new home is ready for you to move straight in.
- When the tenders come in you can compare them and select the builder that you are most comfortable with. Your building broker can help you.
- Before signing the contract we always advise clients to complete their selections so that when they sign they know exactly what they are getting for their money. Your building broker should be present when the contract is signed to provide you with support.
- Be aware that the $25,000 building grant as well as the first home owners grant, if applicable, are normally not paid until after the slab goes down so you will have to have funds for the deposit, etc at hand.
- With planning and selections already taken care of your job should be able to go straight in for working drawings, timber take offs and private certification meaning you are well on your way to having construction commenced within the 3 month time frame allowed.
FOUR BONUS TIPS
- Building margins are tight. Many builders initially quote low in the knowledge that they can increase their margins with up grades and allowances. It is important for you to only sign a fixed price contract without allowances and with your selections included.
- Last year wasn’t kind to inefficient or under capitaliSed builders and this year will likely see more builders collapse. It is important that the builder you sign with has the capacity to complete your job satisfactorily.
- Sadly some builders who are on their way to going broke will offer fantastic deals in trying to buy your business. Beware! You don’t want your deposit going to their existing creditors instead of getting your house off to a good start.
- Choosing a building broker to assist you instead of trying to go it alone will save you time and stress and doesn’t cost you any more. You will have the advantage of an experienced person working for you rather than for the builder.
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