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Home design and land

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 has different costs associated, so knowing what you can afford from the outset is a must.

Use our repayments calculator

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.

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.

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.

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.

Calculate your deposit amount

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 home loan

Contracts and cover

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.

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.

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.

Get a Home and Contents Insurance quote

Build and 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 authorization from your builder that it’s safe to move in.

After that, it’s all yours!

Compare Home Loans

Compare 5 products
Ultimate Home Loan
Our ultimate in loans. Our Ultimate Home Loan offers the flexibility of fixed or variable rate, or a mixture of both. What's more, it features a linked offset account and unlimited free online redraws.
Great Rate Home Loan
Our simple, low rate loan that’s perfect if you’re after great value and no ongoing fees. Our Great Rate loan lives up to its name and offers flexible repayment and loan term options.
Line of Credit
Our Line of Credit helps you make the most of the equity in your home. Great if you’re thinking about renovating, investing, or just want more flexibility.
Ultimate Investment Home Loan
Our Ultimate Investment loan combines great value with a range of extra products designed to make investing easier.
Great Rate Investment Home Loan
With low-interest rates and no monthly or annual fees, we've made investment simple.
Interest Rate 1.69 % p.a.
Comparison rate 3.72 %^ p.a.
~1 year fixed, owner occupied, principal and interest
Interest rate 1.69 % p.a.
Comparison rate 3.49 %^ p.a.
~1 year fixed, owner occupied, principal and interest
Interest rate 4.00 % p.a.
Ultimate Line of Credit home loan base rate
Interest rate 2.19 % p.a.
Comparison rate 4.10 %^ p.a.
~1 year fixed, principal and interest
Interest rate 2.69 % p.a.
Comparison rate 3.51 %^ p.a.
~5 year fixed, principal and interest
Key Features
Great if you want a packaged home loan with a low rate and added benefits.
Key Features
Great if you want a low-rate no-frills home loan.
Key Features
Great if you want a continuous credit facility to access the equity in your home.
Key Features
Great if you want a great value packaged loan to invest in property.
Key Features
Great if you want a simple, no-nonsense investment loan with competitive rates.
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20% of purchase price (plus costs)
Maximum loan term
30 years
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Yes. Available once loan reverts to a variable interest rate.
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
$395 p.a. Package fee
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20% of purchase price (plus costs)
Maximum loan term
30 years
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20%-25% dependent on security taken
Maximum loan term
N/A
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
$10 per month
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20% of purchase price (plus costs)
Maximum loan term
30 years
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Yes. Available once loan reverts to a variable interest rate.
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
$395 p.a. Package fee
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20% of purchase price (plus costs)
Maximum loan term
30 years
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
Enquire now Ultimate Home Loan Enquire now Great Rate Home Loan Enquire now Line of Credit Enquire now Ultimate Investment Loan Enquire now Great Rate Investment Loan

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Conditions, fees and charges apply to all loans. Subject to meeting Greater Bank's lending criteria. Greater Bank Limited ABN 88 087 651 956. AFSL/Australian credit licence No. 237476.

~At the end of the fixed rate period customers can chose to re-fix their loan for another fixed rate period or let the loan revert to the applicable variable interest rate based on the loan and repayment type.

^Comparison rate is based on $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

#Discounted rates include a discount on Home Loans of $150,000 or over and Home Loans with an LVR 80% or below and apply to new borrowings only. Discounted rate not available for Line of Credit facilities.

+Additional costs may apply if your loan has a fixed rate.

All new interest-only home loans, attract a 0.10% p.a. margin above the applicable Principal and Interest base rate. All new Line of Credit home loans, attract a 0.10% p.a. margin above the applicable Line of Credit base rate. The all-up interest rate which includes any margins, will be set out in your credit contract. View our Terms and Conditions.