Six Simple Steps to Buying a House & Land Package with Stars Homes

The information will help you understand the six steps to purchasing your House & Land Package.

The house design has been matched with a block of land and a price has been set. Your House & Land Package will consist of 2 separate contracts – one for the house and one for the land, which go together to form a package.

 

Step 1: Organised your finance 

Organised your finance upfront. Find out what you can afford and stick with your budget. At stars Homes we can help you with the finance process to make it easier for you. Our financier will help you to determine which bank is best suitable for you and providing you the best deal and flexibility.

 

Step 2: Choosing a house and land package

Stars Homes consultant will help you decide on the best house design and location to suit your budget.

Aspect (north, east, south, west), average land size with low maintenance area or big land with more garden.

Close to amenities and facilities; including shops, transport, parks, schools, work, friends and family, beach.

 

Step 3: The deposit

To secure the house and land package of your choice. A $1,000 initial deposit is required for the land and build contract. You have 5 days to sign the land and the building contract.

The build contract includes the condition of sale, the inclusion list, the build time etc.

The land contract includes the section 32 Vendors statement, it discloses any information relating to the land such as rates.

You should appoint a conveyancer and provide Stars Homes with their details. Your conveyancer will liaise with Stars Homes and arrange the transfer of property ownership and all necessary information required by your financier.

When you sign the contracts, the contracts can be subject to finance for 14 days. After finance is approved you are required to pay the balance of the 10% deposit on the land and 5% on the build contract.

  

Step 4: Land settlement

Land Settlement normally takes place 2 weeks from day of finance approval, as long as the plan of subdivision is registered and approved by the Land Titles Office (meaning its a titled land).

Otherwise you will be required to settle 14 days after your solicitor/conveyancer has been issued with the subdivision registration.

Settlement also means the balance of payment is due on the land. Your solicitor/conveyancer will contact your lender to confirm settlement details and arrange transfer of funds.
Once full payment has been made, the title is transferred into your name.

 

Step 5: Building 

The builder then applies for the building permits etc, this will take about 6-8 weeks.
Then construction will begins. It takes less than 6 months to build the house. Normally 4.5 months. 

 

Step 6: Handover

When building is complete and Council have provided an Occupation Certificate, prior to handover, inspections should be organised via your Builder Representative.

Once settlement has been finalised, your Builder Representative generally confirms a time for you to collect your keys.

welcome to your new home.