Buying land to construct home
How LoanVa Can Help You Secure Finance for Land and Home Construction?
1) Tailored
Finance Solutions for Land and Construction: Buying land and
constructing a home involves multiple stages, and the financing can be
complex. At LoanVa, we specialize in providing customized loan solutions
that cover both land purchases and construction costs. Whether you’re
looking for a land loan, a construction loan, or a combined loan to fund
both, we’ll find the right solution to match your goals.
2) Expert
Guidance Through Every Step: From purchasing land to breaking ground,
the journey to building your dream home can be tricky. LoanVa’s
experienced mortgage brokers will guide you through the entire
process—explaining the details of your loan, the stages of construction
financing, and any associated costs, so you always know where you stand.
3) Simplifying
Construction Jargon and Processes: Construction loans come with a set
of terms and requirements that can be difficult to navigate. We’ll help
demystify construction-specific jargon like "drawdowns,"
"progress payments," and "construction schedules." Our
team will ensure that you fully understand each stage of the loan process,
so you're never left in the dark.
4) Minimizing
Upfront Costs and Fees: Financing both land and home construction can
come with hefty upfront costs, but at LoanVa, we’ll work hard to minimize
these expenses for you. We’ll help you secure loans with lower application
fees, reduced establishment charges, and flexible repayment terms, so you
can keep your financial plan on track.
5) No
Stone Left Unturned: Our commitment is to find the most competitive
loan options for your land and home construction project. We’ll explore
all available avenues to ensure you get the best possible deal, with
favorable rates, low fees, and terms that work for your budget. LoanVa
leaves no stone unturned in helping you turn your vision into reality.
Building your dream home should be an exciting and rewarding
experience, not a stressful one. Contact LoanVa borrowing made simple to be your trusted partner in securing
the right finance to purchase your land and bring your dream home to life.
First home buyer grants - Melbourne
First Home Owner Grant (FHOG): This one-off payment is only available if you buy a newly built home or if you build a brand-new home from scratch. The property can be a house, townhouse, apartment or unit - but it must be valued at $750,000 or less, and it must be new (never previously sold or occupied). The first home owners grant is worth $10,000 for homes in Melbourne and $20,000 for homes in regional Victoria.Eligibility Criteria for FHOGThe eligibility criteria for the FHOG are primarily based on your residency status, the type of property, and the purchase price. You or your spouse/partner must be an Australian citizen or permanent resident, and neither of you should have owned a residential property in Australia before.
Stamp Duty Exemption or Concession This one-off home buyer duty exemption applies to homes valued at $600,000 or less (which is a massive saving of around $30,000). For homes valued between $600,001 and $750,000, a stamp duty concession applies instead (which is a discount on the land transfer duty you pay). To be eligible, the home must be a principal place of residence (PPR).
First Home Buyer Guarantee Scheme: Also known as the Pilot Shared Equity Scheme, the FHBG is designed for first-home buyers in Melbourne buying an existing home (providing it's a residential property). It allows buyers to secure a loan with as little as a 5% deposit without needing to pay Lenders Mortgage Insurance (LMI). What is this means to you? You save approximately staggering $20,000 in LMI. To be eligible, singles must have an annual income of $125,000 or less, while couples must have a combined household income of $200,000 or less. For FHBG scheme, applications lodged from 1/07/2023, the annual income assessment is based on the financial year 2021-2022.
Off-the-Plan Concession: If you’re buying an off-the-plan land and building package, you may be entitled to a concession on stamp duty. Buyers will only pay duty on the value of the property and construction at the time of the contract date. As construction generally won’t have started or been completed when a contract is entered into, buyers won’t have to pay as much in stamp duty. Other eligibility criteria apply, such as being a permanent resident of Australia. To view all criteria and apply, visit the State Revenue Office website. There are a couple of other schemes available (such as the Young Farmer Duty Exemption or Concession and the First Home Owner with Family Duty Exemption or Concession), which have more specific eligibility. To learn more about these, please contact us for more information. The team at Mel Finance can provide more information on each of the grants, exemptions and concessions outlined above, as well as discuss the eligibility criteria in further detail. We can also help you to apply for all of the schemes that you are eligible for, ensuring that your savings are maximised during your first home purchase.
Contact LoanVa - borrowing made simple for Buying land to construct home
