Building Your First Home? Here’s What You Need to Know

27 June 2019

If you’re a first home buyer in Sydney, then the recent series of interest rates announcements may have you excited for a solid chance to set your sights on a brand-new home. With lending conditions easing and record low interest rates the property market has certainly heated up. Widely talked about is APRA’s plan to scrap their serviceability test; an initiative that could go a long way in helping first home buyers who are facing credit constraints on Sydney’s competitive property scene.

With mortgage rates likely to remain low for some time, whether you’re looking at purchasing a block of land or building a brand-new home the current market is certainly opportunistic for first home buyers. Here’s our tips on finding the right home for you and navigating the home buying process with ease.  

Qualifying for Government Incentives

There are a number of government incentives to help you achieve your dream of a first home. If you’re looking to purchase a block of land then the first thing to know is that the First Home Owner Grant (FHOG) does apply to land purchased to build a home and to builders of new homes, up to a combined value of $750,000. If your desired block, and any home you intend to build, meets this condition then you could qualify for assistance of $10,000 under the FHOG.

If you’re a first home buyer you may also be able to access the First Home Buyer Assistance Scheme. Under the FHBAS you could save or avoid paying transfer duty at all when you purchase land to build a home. Taking a block of land valued at $320,000, you’d save close to $10,000 on purchase duty under the FHBAS.

Starting your Search

If you’ve been thinking about building your first home for some time, then you’ll no doubt be overwhelmed with a plethora of choices available to you. But before you embark on your search for the ultimate block of land it’s important to consider what’s going to be best for you. Are you a growing family, or a young professional couple? What type of amenities are important to you? If you’re a large family, then having a sizeable lot with room to move is going to be important. You may also value close access to parks, playgrounds, retail outlets, schools & childcare facilities. Take the time to think about what type of lifestyle you desire and what is going to be important to you when selecting land to build your new home. 

Exploring All Your Options

The biggest benefit of buying land off-the-plan is having the freedom of choice. Once you’ve worked out your budget and lifestyle needs, you’ll be able to narrow down a short-list of blocks of land and weigh up the pros and cons of each. With some developments you’ll also have the freedom to choose your own builder to develop your brand-new home. The biggest advantage of buying land and building your own home is that not only is everything brand new, but you have a greater choice of options in respect of floor layout, structural highlights, viewpoints, colour schemes, and appliances. During this process of development, you may be able to access cash incentives so it’s important to speak with your developer to find out what’s available to you.

If you’re looking for an opportunity to purchase a block of land and build your first home, then don’t look past the chance to live in one of Western Sydney’s fastest growing suburbs.

Realm at Austral is currently selling sizeable lots up to 521sqm, adjoining Western Sydney Parklands. Buyers of this popular and opportunistic development will benefit from the fast-growing Western Sydney community. Located a short 15-minute drive from the highly anticipated new Western Sydney Airport the development is positioned within minutes of schools, shops and medical facilities. Offering a perfect fit for a growing family or professional couple, the development also offers easy access to public transport with Leppington Station a short 10-minutes away.

Prices currently start from $350,000 with a variety of land parcels available to choose from.

Contact Realm today to find out about current land only packages this new estate is offering in Austral, Western Sydney.