There is absolutely no doubt - buying a home can be confusing. That’s where we come in.

Village Building Co. has been helping people fulfil their dream of home ownership for over 29 years. And we’ve learnt a lot in that time. You can lean on our experience, trusted name and reputation for building communities since 1988.

Buying your own home. The FAQs.

We often get asked questions from our customers about buying a home – we’ve compiled a list of the most frequently asked questions and we hope these assist you when considering purchasing your new property. This is a guide only, so please also seek independent legal and financial advice before you purchase.

Some of the most important factors to consider are the size, property type (e.g. apartment, freestanding home), location and price. Ask yourself - do you want to purchase a hassle-free home and land package, or buy land only with a custom designed and built home? Start with a wish list of what you’d like, then research the popular real estate websites and your local newspapers.

The deposit you require will depend on your financial institution. At Village Building Co. we require a 10% deposit in the Australian Capital Territory, Queensland, New South Wales and Victoria. The percentage taken is on the total purchase pricewith the balance due on construction completion. Remember, by purchasing ‘off the plan’ you will have the opportunity to save a larger deposit before you move into your new home. Check with your financial institution to see what they can offer to help you fulfil your dream.

The exchange of contracts will usually be arranged by either your Real Estate Agent or your Solicitor. However, you will need to complete settlement related activities yourself including a pre-settlement inspection.

We require a fully refundable deposit, often as little as $1,000, prior to exchange of contracts. The balance of the deposit is payable on exchange of contracts and is held in trust until settlement.

Stamp Duty is a State Government impost on the property purchase price. These duties are usually the largest add-on expense in a home loan transaction. Stamp Duty exemptions or concessions will vary from state to state, but if you are a first home buyer or have purchased a home below the requisite threshold, you may not have to pay Stamp Duty. Your legal and financial advisors will help you better understand Stamp Duty.

Conveyancing is the legal transfer of property title from one person or entity to another, and is performed by your solicitor or legal adviser who will charge you a fee for this service.

The First Home Owner Grant Scheme was introduced in July 2000 to offset the effect of the GST on home ownership. The scheme entitles qualifying first home buyers to receive a lump sum payment for the purchase of a home. In the Australian Capital Territory, New South Wales and Victoria, the payment is $10,000.

 

Purchasing a property before it is actually built, and sometimes before construction has even begun. This can also apply to developments that are under construction. You’ll get a choice of home designs and a plan of the development site showing the homes that are available, and a list of inclusions and colour schemes. At times you can also inspect a display home to see the quality of fixtures and fittings.

You are at a considerable advantage to purchase your home at pre-construction prices. It also gives you time to save a larger deposit during the construction period, the choice to select your own colour scheme, and the benefit of a maintenance period, warranties and guarantees.

Strata fees normally apply to properties that share the same block of land such as apartments. The fees are paid by all owners to cover the costs of management of the overall property. These costs can include building insurance (owners need to only arrange their individual contents insurance), common electricity, pest control, common water consumption, general cleaning and cleaning materials, maintenance and repairs of common areas, and common garden maintenance.