First home buyers are usually inundated with a huge amount of information to process and many building terms they’re not familiar with. It is important and valuable to understand the terminology when building your first home. So we’ve put together a list of some of the most common building terms you’ll hear when you are looking to build your first home, and what they really mean.
A particular new home design packaged with a specific block of land. There are many great advantages of combining house and land into a package and first home buyers in WA also benefit from the $10,000 first home owner’s grant and stamp duty exemptions, depending on the value of the home.
See what house and land packages are currently available in Perth and South West WA.
When you are ready to move forward, you will be guided through your Preparation of Plans Contract and hand over your deposit. This is an agreement to start the administration process of building your new home.
The lending of money to purchase an asset. For a home this is your mortgage.
Aussie Living Homes, in partnership with Iconic Home Loans, have access to a team of experts who are specialists at helping first home buyers get finance and approval, along with guiding clients through the process of government grants and other information that will help you.
For more information on finance, check out the First Home Finance section of our website.
The conditional approval of a loan by a lender. It’s an indication of how much you’re able to borrow.
When you’ve met the lending requirements and the lender formally agrees to provide your loan.
The Prestart stage of the building process is where you can let your inner interior designer come to life and decide how your home will look and feel. Your Prestart interview will finalise all your selections including your colours and fittings.
The preparation of your block, ready for your home to be built. Depending on the soil type – different preparations will need to be created to ensure the home is built on a solid foundation.
For more information on the building process, see ‘Your guide to understanding the building process‘.
To find out if you qualify for a home of your own, take our online quiz ‘Can I get my first home?‘