Browse Forums Real Estate Re: What do i need to do when I buy land? 2Aug 05, 2014 3:54 pm The Harder You Try - the Luckier You Get ! Web site http://www.anewhouse.com.au Informative, Amusing, and Opinionated Blog - Over 600 posts on all aspects of building a new house. Re: What do i need to do when I buy land? 5Apr 03, 2015 12:44 pm 1) when do i need to get my finances sorted? like speak to the mortgage department in a bank. Its better to speak to your bank as early as possible. We spoke to our bank before we even had land in sight and it gave us a really good picture of when we can afford land, how their mortgages work etc. Doing it this way has ended up being very beneficial for us as once land came up we knew we had the finances there. 2) When I get a loan for the land, how does the loan for the house work 1 year later? Again talk to your bank. For us, we have a one mortgage for land and current home. We are in the process of selling our house so our bank then will approve us for the construction side of things. Some banks will give separate loans, some will put the loan into one loan (most banks now have a construction component so you only pay for the amount you have spent on the construction as it incrementally gets bigger, some also only want you to pay interest until the build is complete). 3) what are the fees/insurance/payments involved after I purchase the land (minus paying the loan for the land, what else do i have to be prepared to pay for... stamp duty etc) Stamp duty. That is all we paid, plus bank fees. We wanted to keep the loan under the 80% (to avoid lenders mortgage insurance) so have put in extra. 4) when i decide to build, am i responsible to arrange for a soil report/building permit etc or does the builder usually have this covered in their package Talk to the builder. We are going with Hotondo homes and all this is done within the 'package'. It worked out cheaper (and easier!) 5) is this a smart strategy as I would rather get my foot into a slightly better location (and potentially some savings on the land) first then build later? or should I get a house and land package with the builders? We looked into house and land packages but most were in areas we didn't like. When a subdivision came up in a suburb we like I asked a couple project home builders whether they were going to do a house and land package. In the end we worked out it was better to buy land then build when we were ready. The packages were for a particular house plan and basic inclusions. It has turned out easier for us to choose the plan we want, added some inclusions and save money doing some things ourselves (landscaping, fencing etc). Its individual choice, depending on whether you are happy with the house and land package, or whether you prefer to buy land where you would like, and then can pick whatever plan/builder you want for the actual house. All the best with whatever you choose!!! Yeah I don't know why I came to a forum. Place is full of wierdos/pedos thought internet may help but I suppose I'll try my luck with someone in person. Cheers. I tried… 0 6881 Need advice on the backyard plan above. Should I excavate and cut all of the dirt to level with the house slab or semi-excavate as per photo above? Both left and right… 0 25590 13 7048 |