Hey Sahara, yeah thats correct. So if you are constructing the property yourself you will start paying the mortgage from the point the land settles, and even during the build. Some banks will allow you to make interest only payments during this time as you will still need to pay rent and manage your cashflow but something to be aware of!
Loving the videos guys! I live in WA, and have noticed there are alot of advertising done for new home builds for First Home buyers. My question is how are people able to build new homes that may cost 350,000 including land with 0 money down or a lower deposit of 5%.? Looking forward to your response.
Thanks Ray, it is possible. Effectively the grants and schemes available would cover the deposit aspect. The banks won't allow developer incentives to be included towards deposit though, they view incentives from a developer more as a price reduction than anything else.
Here you go - www.bmtqs.com.au/construction-cost-table homebuilding.cordell.com.au/index.php?c=survey&profile=40 and www.udia.com.au/news/2018-state-of-the-land and www.huntergalloway.com.au/build-a-house-in-brisbane/
Hey Luke, hard to say mate the builders margin can range from 5-20% depending on where you live. The challenge with doing owner builder is that most banks won't touch you so you're going to need to cash fund the construction yourself. Good luck with it mate! Cheers, Jayden.
@UFC -Oz Hi . i was going for 2 builders but after Covid happened the property prices dropped and so did the loan amount we were able to borrow so we canned the project yet one of the builders still submitted a tender and we advised them we could not afford their build, they came back with a lower priced tender and we still could not afford it and told them how much we had to spend and even issued them a land survey before any tenders for the fixed total cost to make sure the tender included everything due to the slope of the land. So they submitted a third tender meeting what we could afford , so we paid them for stage 1 and 2 out of good faith , before the drawings were complete 2 days after a meeting with the designer the builder informs us the build will cost an extra 27k we asked them to draw a plan that would match or tender they said it is not possible and said they could remove inclusions to lower the cost but we could not have it done for the amount on the tender .....is this legit ???
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Instablaster.
Hi we're looking at Perth. Have you any knowledge with Aussie Living? They build new homes and include land packages?
Thanks Jacq, we don't however might be worth checking out: www.huntergalloway.com.au/build-a-house-in-brisbane/
Download the Free Home Buying Guide to Brisbane hello.huntergalloway.com.au/guide-to-brisbane
Very helpful information!!
Glad you think so!
thank you!
You're welcome!
is it possible to build 3 level residential house in melbourne west suburbs, is it allowed?? as i have seen mostly max 2 level residential house here.
Thanks Robin, great question. Will vary depending on the council requirements and would be best checked with a town planner.
Want to know material costs of building a home
Thanks for watching Chi!
Do you start payments on your mortgage before it’s finished being built?
Hey Sahara, yeah thats correct. So if you are constructing the property yourself you will start paying the mortgage from the point the land settles, and even during the build. Some banks will allow you to make interest only payments during this time as you will still need to pay rent and manage your cashflow but something to be aware of!
Loving the videos guys! I live in WA, and have noticed there are alot of advertising done for new home builds for First Home buyers. My question is how are people able to build new homes that may cost 350,000 including land with 0 money down or a lower deposit of 5%.?
Looking forward to your response.
Thanks Ray, it is possible. Effectively the grants and schemes available would cover the deposit aspect. The banks won't allow developer incentives to be included towards deposit though, they view incentives from a developer more as a price reduction than anything else.
Links please?
Here you go - www.bmtqs.com.au/construction-cost-table homebuilding.cordell.com.au/index.php?c=survey&profile=40 and www.udia.com.au/news/2018-state-of-the-land and www.huntergalloway.com.au/build-a-house-in-brisbane/
Hi Hunter, how much do you think you would save on $320,000 for a basic home if you went owner builder ?
Hey Luke, hard to say mate the builders margin can range from 5-20% depending on where you live. The challenge with doing owner builder is that most banks won't touch you so you're going to need to cash fund the construction yourself. Good luck with it mate! Cheers, Jayden.
@UFC -Oz Hi . i was going for 2 builders but after Covid happened the property prices dropped and so did the loan amount we were able to borrow so we canned the project yet one of the builders still submitted a tender and we advised them we could not afford their build, they came back with a lower priced tender and we still could not afford it and told them how much we had to spend and even issued them a land survey before any tenders for the fixed total cost to make sure the tender included everything due to the slope of the land. So they submitted a third tender meeting what we could afford , so we paid them for stage 1 and 2 out of good faith , before the drawings were complete 2 days after a meeting with the designer the builder informs us the build will cost an extra 27k we asked them to draw a plan that would match or tender they said it is not possible and said they could remove inclusions to lower the cost but we could not have it done for the amount on the tender .....is this legit ???
Thanks. One quick question.
Turnkey package for $255,000 for 4 2 2 house is a good deal?
What should we be aware of?
Hey David yeah check out a few of our newer videos and www.huntergalloway.com.au/build-a-house-in-brisbane/
Show us the amounts it would help much more : )
thanks so much!
is that u building or having builders build
Having builders build