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 terms you’ll hear when you are looking to build your first home, and what they really mean.
House and Land Package
A specific new home design packaged with a specific block of land.
When you are ready to move forward, you will do your Preparation of Plans Contract and hand over your deposit. This is an agreement to start the administration processes of building your home.
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.
Your Prestart interview will finalise all your selections including your colours and fittings. The meeting takes approximately 2 hours.
The lending of money to purchase an asset. For a home this is your mortgage.
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.