step 1

Home Design & Land

  1. Design

    Should be an easy place to start. Think about your needs now and into the future – what do you want from your new home? Size, design, functionality – these are all things to take into account, which should help you decide whether going for a house and land package or project home, or getting something custom designed. Each of these options have different costs associated, so knowing what you can afford from the outset is a must.

    Use our Home Loan Repayments Calculator

  2. Land

    If you’ve chosen not to build on your existing block, make sure your new land into account when thinking about your new home design. Having to make site changes retroactively to accommodate an irregular design can really set you back, so be sure to have a site inspection before you commit on both land and design.

step 2

Choosing a builder

Making sure you have the right builder for your project is key. Luckily, it’s not something you have to do alone. If you’re going with a house and land package through a developer, they may be able to recommend a selection of builders to complete the project. If you’re building a custom home, get some recommendations from friends who’ve gone through this process successfully, or talk to the Master Builder’s Association and get some quotes from local builders.

When selecting your builder, ask for as much info as you can before committing. You should be able to request plans and costings for each aspect of the build, and an accurate completion timeline.

Before you sign, have a solicitor or conveyancer look over the plans agreement, home indemnity insurance, building contract and contract variations agreement.

step 3

Getting a home loan

The two most important factors in staying on top of your build finances are knowing the full cost, and having your loan approved and in place before you break ground.

  1. Knowing the cost

    Firstly, calculate how much your deposit will need to be, and have your solicitor or conveyancer determine how payments will be made. If you prefer to have more control, you may like to ask if you can make progressive payments only after work is completed and inspected in stages. If you prefer to pay all in one go before the home is built, as for ‘price on completion’ in your initial quote gathering process.

  2. Getting your home loan approved

    Speak to your bank sooner rather than later, and be sure to keep them updated on any deadlines in place during your build process. When applying for a home loan, be sure to take into account costs like Stamp Duty and Legal Fees.

    How to get approved for a loan

step 4

Contracts & cover

  1. Signing contracts

    If you’ve agreed on costs, take the time to go over your contract with your solicitor or conveyancer. Don’t make the mistake of keeping quiet here – changing contract details after signing can be costly.

  2. Local knowledge

    Get in touch with your council and make sure your contract complies with local laws and requirements. Ensure your builder is responsible for securing the required licences and permits.

  3. Insurance

    You’ve come this far, so make sure you have insurance in place before construction kicks off to cover your land, property and site visitors.

step 5

Build & handover

Now comes the exciting/stressful part – the build.

Your builder will usually invite you to a pre-build meeting, but don’t let this be the only time you speak with them throughout the process. Staying involved and in touch means you’re able to make decisions on design and budget should they arise.

If life gets a bit hectic and you’re struggling to keep up with the project, you can always call in some help in the form of an independent building consultant to manage the build.

Soon after the build is complete (usually within 7-10 days) you’ll be ready to collect your keys, make any final payments. Make sure you collect a copy of all relevant warranties as agreed in your contract, and get written authority from your builder that it’s safe to move in.

After that, it’s all yours!

Enquire About A Home Loan

If you are after some more information, a loan pre-approval or are ready to apply for a home loan, start a conversation with a Greater Bank lending expert today to help you get what you want sooner.