Tips for buying a house and land package
Tips for buying a house and land package
Steps to buying a house and land packag
When you’re looking to buy, asking ‘what is a house and land package and how do they work’ can be important steps in realising your property goals. House and land packages are one of the most affordable and effective ways to enter the property market and are a great way to build the home you have always wanted. Moving from renting to buying a house and land package is a dream come true for many Australians. New houses can also be a great investment, attracting a large range of tenants.
One of the first steps in your journey to buy a home and land package is working out which of the two different kinds you should buy. Mortgage Street can help you find a suitable home loan for either.
The first option to consider when you are looking to buy home and land packages is whether you purchase the land before the house is built. If you choose this option you will need two home loans, one for the land and one for the construction of the house. Developers will usually require a deposit of about 10% when you buy the land, but one of the big advantages of buying this way is that you will only pay stamp duty on the purchase of the land, not the house. Another advantage is you can use a construction loan to build your home. The other way is to buy a house with land by purchasing one that is already built on the developer’s block. If you choose this option you may only need a 5% deposit, with the rest payable once the home is completed.
To find out how much your repayments may be when you buy home and land packages, click on our Mortgage Repayment Calculator. All you need to do is enter the information requested and it will give you an indication of what your repayments may be, including how much interest you will pay. That can help you understand what you need to do to move from the treadmill of renting to buying a house and land package.