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Understanding terminology when building a new home

Published: May 29th, 2015

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.

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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.

Site works

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.

Prestart

Your Prestart interview will finalise all your selections including your colours and fittings. The meeting takes approximately 2 hours.

Finance

The lending of money to purchase an asset. For a home this is your mortgage.

Pre-approval

The conditional approval of a loan by a lender. It’s an indication of how much you’re able to borrow.

Unconditional approval

When you’ve met the lending requirements and the lender formally agrees to provide your loan.

Offers & Updates

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Pay zero rent and zero mortgage while you build*, take the quiz to see if you qualify

Zero Deposits

Pay zero deposit for your house or land with Aussie!

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Our mightiest range of home yet!

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Take the first step on the way to realising your first home dream by contacting us today.

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