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 building terminology when building your first home. So we’ve put together a list of some of the most common building terminology you’ll hear when you are looking to build your first home, and what they really mean.
House and Land
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.
Find your perfect house and land package.
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.
At Aussie Living Homes we are the first home buyer specialists, this means as well as helping you to get out of renting and into your own home we work closely with our in house finance company The Loan Company*, to assist you in securing the perfect home loan.
With a team of experienced brokers, The Loan Company* alongside Aussie Living Homes have great relationships with Australia’s leading banks and lenders! This means you will have the perfect loan for your new home which suits your lifestyle. Plus like everything else we make sure it’s affordable for you so you can still enjoy doing the things you love.
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.
Start your journey to owning your own home. Find out if you qualify by submitting your details below.