Find the Ideal Home and Land Package Loan for You
Which kind of home and land package loan would best suit your needs? With so many loan products to choose from, it’s important to find one that aligns with your individual goals for the future.
There are two kinds of house and land packages – the turnkey solution (where a brand new home has been recently built on a lot) or the other option, which involves purchasing the vacant land on its own and then having the house built after choosing from a series of design templates and builders.
Either way, house and land packages offer a much more efficient, streamlined and even personalised process that allows you to customise your new home’s layout and style. The other key advantage is the opportunity to save on stamp duty costs – so long as construction hasn’t commenced on your new property yet, stamp duty will be calculated on the land value, not the overall property value with the house included.
House and land package loans for first home buyers
Are you a first home buyer looking to buy a patch of land to build your new home on? If so, there’s a good chance you’re eligible for the Australian Government’s First Home Loan Deposit Scheme (New Homes) Guarantee, which allows you to secure a loan with as little as a 5% deposit.
There are caveats to this scheme, of course; one of which is that you must commence construction on your new home within six months of signing the contract, finish construction within two years, and then move into the property within six months of receiving the occupancy certificate.
Home and land package loans for investors
House and land packages can be a wise investment, and the loan process can be relatively straightforward. Firstly, you can enjoy peace of mind that maintenance issues and tenant requests should be far lower in a brand new home than in an older one – and any issues that do arise are likely to be covered under warranty.
We’ll help you navigate the process of applying for a house and land package loan
BFG Loans works with more than 35 banks and reputable lenders Australia-wide to compare the market and find the best product for your specific needs. Our team has helps Australian homebuyers secure the right house and land package loan, owner-occupied loan, guarantor home loan, no LMI mortgage, investment home loan and other tailored finance solutions.
Ready to speak with one of our experienced brokers? Get in touch to arrange a free one-on-one consultation today.