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    Thread: Can we buy/build with hardly and deposit????


    1. #11

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      We talked to Aussie, the mortgage brokers, we liked the look of a house that was on the market for $500k, the meeting lasted about 5 mins, her opening statement was "we needed $55k in cash" before we could proceed, some of this was for the stamp duty, needless to say we walked away, good job really, as a year later we moved NOR, still renting but loved it and ended up building in the same suburb, so much easier on the bank balance, some of the builders even offered to pay our rent while we were building, obviously in the year or so leading up to this we saved liked mad and a month after getting our keys off the builder we sold our UK house, which made life a whole lot easier
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    2. #12
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      Quote Originally Posted by Druid View Post
      We talked to Aussie, the mortgage brokers, we liked the look of a house that was on the market for $500k, the meeting lasted about 5 mins, her opening statement was "we needed $55k in cash" before we could proceed, some of this was for the stamp duty, needless to say we walked away, good job really, as a year later we moved NOR, still renting but loved it and ended up building in the same suburb, so much easier on the bank balance, some of the builders even offered to pay our rent while we were building, obviously in the year or so leading up to this we saved liked mad and a month after getting our keys off the builder we sold our UK house, which made life a whole lot easier
      Sounds Fab @Druid ! Are you in Joondalup ? if so whats it like as a place to live ?
      Hi guys ! its Paul, Lisa, Jack and Boo !

    3. #13

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      Quote Originally Posted by pegg View Post
      Sounds Fab @Druid ! Are you in Joondalup ? if so whats it like as a place to live ?
      Hi Pegg, We in Burns Beach, not far from you in Mullaloo, we love it, everything (Except Work) is 5 mins from the house, we can walk to Currambine Stn and go for a night out in Joondalup City or Perth City, on sundays we try not to get into the car, just walk to the beach with the dogs and have a relaxing doggy day
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    4. #14
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      Fantastic @Druid …. just wondered if there was a cafe strip or town centre ( apart fro lakeside ) in Joondalup - as always seems a little artificial , saying that i work at the hospital there - so need to explore i guess :o)

      also i had a coffee at cafe in burns beach ………. Hot weekend forecast - so enjoy the beach :o)
      Hi guys ! its Paul, Lisa, Jack and Boo !

    5. #15

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      Quote Originally Posted by pegg View Post
      Fantastic @Druid …. just wondered if there was a cafe strip or town centre ( apart fro lakeside ) in Joondalup - as always seems a little artificial , saying that i work at the hospital there - so need to explore i guess :o)

      also i had a coffee at cafe in burns beach ………. Hot weekend forecast - so enjoy the beach :o)
      Burns Beach Cafe is over rated & expensive.

      Joondalup has Central walk starting by you at the hospital with The Buttary Cafe, which does an awsome breakfast by the way, then goes past Paddy Malones pub on past various pubs & resturant, eventually ends at Kulture Chinese Resturant which is also good food & cheap beer, between the buttary and Paddys is a bit sparse, but from Paddys to Kulture there is lots including Down the Hatch, Joondalup have some Hawkers Twilight Markets starting soon, normally worth a look & a night out
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    6. #16
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      ok will take a look cheers @Druid
      Hi guys ! its Paul, Lisa, Jack and Boo !

    7. #17

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      Quote Originally Posted by Druid View Post
      We talked to Aussie, the mortgage brokers, we liked the look of a house that was on the market for $500k, the meeting lasted about 5 mins, her opening statement was "we needed $55k in cash" before we could proceed, some of this was for the stamp duty, needless to say we walked away, good job really, as a year later we moved NOR, still renting but loved it and ended up building in the same suburb, so much easier on the bank balance, some of the builders even offered to pay our rent while we were building, obviously in the year or so leading up to this we saved liked mad and a month after getting our keys off the builder we sold our UK house, which made life a whole lot easier
      Hi, this is really interesting, after about a year or so we think we would like to build, we think we will be NOR, whereabouts did you build, and what builder did you use, did you get one of those house and land packages I've seen or can you buy land and then commission an architect and builder separately? Did the builders pay your rent wile you built and do you qualify for the first home owners grant if you build?

      Some of the online ads I've seen seem too good to be true - triple the home owners grant and paying rent while they build, cant believe there are no catches, it sounds too easy or is that the cynic in me?

      Sorry for all the questions, just trying to get an idea of whether it's a viable option.

      Thanks
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      Decided to move Nov 15, skills assessment submitted engineers australia 29 Jan 16, Hubby IELTS passed 20 Feb 16, positive Skills assessment with Engineers Australia end Apr 16. EOI Submitted 11 June, Invitation to apply beginning July. Application submitted 11th July CO assigned after 3 weeks. House up for sale 6th Aug. Police checks back 10 Aug Meds booked 17th Aug. Visas granted 13th Sept, house sold 26th October. Landed 11th January '17

    8. #18

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      Sorry for hijacking your thread mwjw, Hi Jen78, my information is a couple of years old now as we have been in our new house for just over a year and it took about a year to build, we built in Burns Beach with Ben Trager Homes and no they didnt pay our rent but we did qualify for the $10k first home owners grant, before we headed up north we lived in Harrisdale SOR (Canningvale area)for a couple of years, we almost signed up with Ross North Homes and built in Piara Waters up the road from Harrisdale, at the time we qualified for a Key Start mortgage and we were going down the house & land package route, problem is at the time the Key Start mortgage had a cap of $475k and it was difficult getting a house design suitable for 4 adults (my kids are big) and a piece of land big enough to take it for $475k, there were too many compromises, with the Key Start, you pay a marginally higher interest rate, but remember its only for two years, then you can change banks & change mortgage, you only have to put $2k down as a deposit, but that in itself is a problem, they wont let you pay more in, for example, the cap is $475k, if your house & land package came in at $500k, you couldnt pay in the extra $25k to get what you want and $475k in Perth doesnt buy you much, if you are single or a young couple its fine. While you are building with Key Start they dont pay your rent as such, but you only have tp pay $50 week into your mortgage, another thing with Key Start is the new house has to be 'Habitable' meaning it has to have floor coverings, decorated and blinds etc, which again eats into your $475k, and the 'Builders Choice' range of finishers is not great, you can do things like have no airconditioning which will save you $6k, but they charge you $6k to decorate the house, and after you move in you can use your own money to have aircon fitted, we had some friends who built SOR with Key Start they got entered into 'Land Lottery', basically a bunch of land building blocks in one particular estate were put in a lottery, your name was drawn out of a hat and you got that block, so you didnt have a choice what block you want, this wasnt mentioned when I was negotiating with Ross North.

      As for the idea of buying your block of land a commisioning an architect, this is common, but you have to have lots of money, its expensive, architects charge a fortune over here, and then you are still stuck with trying to get a builder to build you architect designed home for a fixed price, all building contracts are governed by HIA, so the contact has to be a fixed price, trying to nail a builder down to a fixed price will be a nightmare, they will double the price just to cover their arse, all the house building companies have a mirriad of different designs, so pick a basic design you like, then change it to suit you, much cheaper than going down the bespoke route, we bought our land seperately but then signed up with a builder in quick succession and put it through the bank as a house & land package, you save a couple of thousand bucks in stamp duty if you do it that way, we were on an extremely tight budget so didnt change our house much, SOR we were looking at house & land packages for $500k, here in Burns Beach we ended up paying $400k just for the land we could have gone 7km further up the coast to Clarkson and built for $500k, but we decided we came to Australia for the beach lifestyle, and Burns Beach fitted that description, we knew once we sold our UK house it would all come right, and it did......................
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    9. #19
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      House and land packages are a bit of a myth. There just a marketing tool by builders. All the builders do, is the sales guys poor over land blocks and look at which of their houses will fit on it and call it a package. But, the process of buying, mortgage and building are the same as you just finding a block and selecting a house.

      We built with a builder that offered a turn key package. So, everything was included such as painting, flooring and things. The advantage was that we knew it would all be done and came under the builders warranty. We were very happy with the result.

      What you do need to be VERY aware of is that the price the builders initially quote wont be the final price. You need to allow for essential upgrades. For example, the initial price will only include a basic electrical package which is 1 socket per room. Now obviously you cant run a house on that, so, when you attend the pre start meeting, you go through every aspect of the build and decide on what upgrades you need. We actually didn't need very much other than the electrical and a few small bits, but still spent about 10k on the day - which you pay for there and then.

      You also need to consider other costs. For example landscaping. This can be VERY expensive. I am convinced that turf growers in WA most be growing it in compost derived from unicorn poo and with solid gold gardening tools used as that can be the only justification of prices. Also, check things like conditions in the land title unique to the area. For example, our area required that party walls separating our garden from neighbors were made of limestone blocks - colour bond fencing is banned. That cost another 20k.

      On the mortgage front, the build side is separate from the land side and so while the house is being built, the builders will draw down the mortgage at fixed stages. So, you are not paying the full mortgage until the very end when you get the keys. I think ours was something like 10% on completion of laying slab, 10% on plate hight, 20% on the house being sealed with doors, windows and roof and the rest on completion.

      There is an excellent thread that a few of us wrote while we were building http://www.perthpoms.com/forum/renti...en-thread.html

    10. #20
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      Brilliant post VS... my daughter and my SIL were building at the time you were, and they totally agree with all you say. They have been in their house for just over a year now and hoping that as their garden is taking shape, that they can change their mortgage provider so they are not paying so much over the top for what they have. They do though appreciate that without this scheme, they would not have been able to purchase a new home.... swings and roundabouts I guess.
      Treat others as you wish to be treated...... we all have different needs and views.... so be kind to everyone if you want them to be kind to you

     

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