Say i want to buy land and build, (land price $170,000. house $150,000. Total $320,00). And the total FHOG will be $32,000 the start of July. Does that mean i can use that grant as a deposit, which means i have 10% deposit? Or am i completely wrong?
I have been looking around building in Point Cook, seems nice, either with PD or DFH. Just want to see if i qualify for a loan first.
Thankyou
You keep saying $320,000. What house are you going to build for $150k? That seems like a completely unrealistic price for a house. Then you have site costs as well...... budget for 10k in Point Cook because of the rock and you'll most like need a H class slab. 10k if you're lucky.
To be realistic, you have to start thinking more around $350k to be building in Point Cook.
Well for a 448msquare land it will cost about 170k. And looking at DFH there are houses i like with the price range between $125001-$150000, the house i like doesnt say how much so i estimate the maximum which is $150000. Now 170k + 150k is 320k, but your right, i should get a loan for 350k to be safe.
Just do your research. The house price most likely won't include any floor coverings, curtains, paving, driveway, cooling and possibly upgrade charges to reach 5 star rating (increased insulation/some double glazing). And that price is if you don't upgrade anything. Much easier said than done.
I'm not trying to be negative, just realistic. But you probably need to readjust your figures or look further out for cheaper land.