House and land packages have quickly become an attractive option among first-home buyers, families and investors alike. Package homes make the homebuying journey simpler by providing an upfront understanding of total costs – helping buyers budget and save for both build costs as well as deposits more effectively. So how exactly does house-and-land packages work?
House and Land Packages are building contracts that combine the purchase of a completed home with the sale of land in one single purchase agreement, providing an economical and hassle-free option for buying both at once. They’re especially popular among new developments or emerging suburbs, though established areas sometimes also offer this type of package deal.
This process generally entails several steps:
Purchase a plot in a residential development or subdivision and choose from among various home design options offered by your builder. Each design will be tailored specifically for the size and orientation of your piece of land – taking into account factors like compass aspect, contours (slope), bushfire risk assessment criteria setback requirements water supply/sewage services as well as site works/earthworks considerations.
Once approved by council, submit a development application and begin building your home. When complete, move in and enjoy the fruits of your labor!
House and land packages provide many advantages over building independently. One key benefit is taking advantage of discounted home building pricing that could save thousands in building costs. Furthermore, purchasing one allows you to take advantage of the Federal Government’s First Home Loan Deposit Scheme that allows up to 95% loan-value borrowing while avoiding Lenders Mortgage Insurance premiums altogether.
Before purchasing a house and land package, it’s wise to consult a mortgage broker specializing in construction loans. They will be able to determine how much of your budget you can devote towards buying land and home together, as well as provide pre-approval that may speed up the financing process while decreasing delays or unnecessary changes down the line.
North Brisbane Home Loans’ team of specialists are adept at assessing house and land packages to determine the ideal loan solution. If you’re in Brisbane’s northern suburbs and searching for home and land packages, begin your journey by exploring each suburb to gain an understanding of lifestyle amenities, schools, transport options and general vibe. When visiting display homes or meeting with developers they may even help make this experience smoother!
North Lakes is one of Brisbane’s fastest-growing suburbs, boasting its proximity to the city. Recently added is Elliot Springs by Lendlease: an affordable master-planned community offering modern designs starting at $350,000 that has something for everyone.