Building a house
Building a home and creating a space that feels like yours is a rewarding life goal. Speak to us about building new, or purchasing customisable off the plan sites.
Ready to make your next move?
How do I prepare to start building?
Building your first home can be an exciting and rewarding experience, but it can also be overwhelming and stressful. There are many factors to consider and decisions to be made, so it's important to do your research and be prepared. Here are some steps to guide you through the process of building your first home.
Setting a budget to build a house
Determine your budget: Building a home can be expensive, so it's important to know how much you can afford to spend. Consider your savings, any loans you may be able to secure, and any other sources of funding you may have.
Finding reputable builder
Building a home typically requires various permits from local authorities. Your builder should be able to help you obtain the necessary permits and ensure that your home meets all relevant building codes and regulations. Speak to our experts to understand and prepare the right documents.
Obtaining building permits
It's important to work with a reputable and experienced builder who will be able to guide you through the process and ensure that your home is built to a high standard. Look for a builder who has a good track record and can provide references from previous clients.
Factors to consider
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If you dream of a new home but don't want then hassle of planning, approving and building one, an off-the-plan purchase may be the perfect option. Off-the-plan developments allow personalisation and customization of your interior finishes and fixtures.
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Make sure you purchase from a reputable builder and take the time to research their previous projects. Do they use quality contractors? Do they deliver projects on time? Make a point of visiting some of their projects so you can assess the finished product first-hand.
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There are a number of fees and costs involved when buying a property. To help avoid any surprises, the list below sets out many of the usual costs:
Stamp duty — This is the big one. Stamp duty rates vary between state and territory governments and also depend on the value of the property you buy. You may also have to pay stamp duty on the mortgage itself.
Legal/conveyancing fees — Generally around $1,000 – $1500, these fees cover all the legal requirements around your property purchase, including title searches.
Building inspection — This should be carried out by a qualified expert, such as a structural engineer, before you purchase the property. Your Contract of Sale should be subject to the building inspection, so if there are any structural problems you have the option to withdraw from the purchase without any significant financial penalties. A building inspection and report can cost up to $1,000, depending on the size of the property. Your conveyancer will usually arrange this inspection, and you will usually pay for it as part of their total invoice at settlement (in addition to the conveyancing fees).
Pest inspection — to be carried out before purchase to ensure the property is free of problems, such as white ants. Your Contract of Sale should be subject to the pest inspection, so if any unwanted crawlies are found you may have the option to withdraw from the purchase without any significant financial penalties. Allow up to $500 depending on the size of the property. Your real estate agent or conveyancer may arrange this inspection, and you will usually pay for it as part of their total invoice at settlement (in addition to the conveyancing fees).
Lender costs — Most lenders charge establishment fees to help cover the costs of their own valuation as well as administration fees. We will let you know what your lender charges but allow about $600 to $800.
Moving costs — Don’t forget to factor in the cost of a removalist if you plan on using one.
Mortgage Insurance costs — If you borrow more than 80% of the purchase price of the property, you’ll also need to pay Lender Mortgage Insurance. You may also consider whether to take out Mortgage Protection Insurance. If you buy a strata title, regular strata fees are payable.
Ongoing costs — You will need to include council and water rates along with regular loan repayments. It is important to also consider building insurance and contents insurance. Your lender will probably require a minimum sum insured for the building to cover the loan.