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Published Wed 08 Jun 2016

With lending criteria a hot topic at the moment, it is important to know the “in’s and out’s” to help you secure a block of land to build your dream home on. Obtaining finance is one of the most crucial steps in purchasing your land, albeit maybe not the most exciting, but none-the-less vital.

Financing your Warralily land 'off the plan' Financing land ‘off the plan’ usually consists of an initial deposit for the land while it is still being constructed. This initial payment contributes towards your borrowing capacity as the payment is included in your saved deposit amount when seeking a mortgage loan.
The majority of land is purchased ‘off the plan’ with construction of your blocks’ services and infrastructure needing to be completed. This would mean you secure your land and watch it take shape as the civil works are completed.
In the finance journey of buying your land ‘off the plan’, there are a number of steps to take; these simple steps aim to demystify and simplify the borrowing process, to have you owning your land and getting ready to build your new home.

Step 1: Know your budget. Having a preliminary discussion with your lender should clarify what you are able to afford. A mortgage broker could be an option to understand your individual needs and work for you in seeking a competitive lending option.      

Step 2: Find you land. Now that you know what you can afford, now it’s time to find your patch of land to put your dream new home on. When securing your land, an initial $1,000 holding deposit is paid, with the balance of your deposit due at contract signing (usually within 7 days of paying your holding deposit).

Step 3: Obtain conditional finance / Pre-Approval. Once you have secured your land, the next step is meeting with your lender and learning all your financial commitments. This is the time to review your budget & reconfirm your lending limits.

Step 4: Waiting for your land ‘off the plan’. You have selected your land and your lender has financially worked out your borrowing capacity, the next step is moving forward unconditional with your land. Congratulations, this means you have officially secured and locked in your purchase. Construction of your block, and a stage within an estate, generally takes 6 months from commencement, to titles and settlement: time you can use to further save for your new home.

Step 5: Obtaining your land loan. Once your block of land is to the point of being pegged out, and the curbing and channelling for the roads are in, it is not long to wait now. At this stage, generally within 3 months before you settle on your land, you would meet with your lender of choice and complete your application for formal approval of your land finance.

Step 6: Settling on your land. When your land is effectively ready to be built on, and has its very own title, you settle on the block and take over as the land owner. Once you settle on your land the title is in your name and you are ready to begin construction of your new home. 
Following these simple steps you are well on your way to securing your lot of land ‘off the plan’. Buying this way has many benefits; you secure your land and lock in the land purchase price, as you wait for your land to be constructed you have the exciting time of choosing your dream house plan and builder, as well as watching your land take shape before your eyes.

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