Build Your Dream Home

The first thing that needs to be done is to establish your borrowing capacity. Be aware that most lenders have different rules and requirements when it comes to buying land and building a new home. These conditions and your borrowing capacity can easily be determined by talking to your preferred lender. This could be a bank, non-bank lender as well as a vast array of mortgage brokers, many of which are available and can be contacted directly on our site. Simply go to the Finance tab on our website and find a lending provider in your area.

Once assessed, you now have a budget to work with.

Most people already have an idea of where they want to live. Use our website to research what land is available in these areas. When you find something you believe suits your needs and budget, contact Moreton Realty and we will provide you with all the information you will need.

Before you sign any binding contracts, whether it be to purchase land or a building contract for a new home, it is extremely important that you do some research.          You need to discover everything about the land you are considering. Are there any hidden issues?  Could these issues increase your building costs and reduce your house budget?  Unexpected and un-budgeted costs can arise from numerous areas, including, design rules imposed by the developer, soil types and conditions. Is the land subject to Bushfire Assessment? These, and many other issues can add additional costs and seriously decrease your building budget. Most of this information is available before you buy. You just need to know who and what to ask. Take advantage of our expertise and let us do the research at no expense to you.

Now it’s time to find the perfect design for your dream home. Through our network builders, we have a large selection of designs to choose from. We help you assess and narrow choice down to the right design that best suits the allotment and offers you the features that best suit living style and budget. We liaise with the builder/s on your behalf and obtain a preliminary quote. If we are dealing with more than one builder, we assess each quote to ensure the builder/s are including the same products and features. These may vary in brand but should be of similar quality. We ensure that all requirements of the “Design Rules” are included as well as estimates of any potential additional charges to upgrade the “Slab/Footings” or any other mandatory upgrades that will be applicable to the allotment/s selected.

Decision made. You have selected the lucky builder that will build your dream home. Now you pay the builder the preliminary deposit. This enables the builder to have preliminary plans drawn, soil tests completed, contour plans prepared, as well as the preliminary searches required by builders to comply with the builders’ regulatory body, the QBCC. This time is a great opportunity to complete final colour and product selections. This way everything you wanted can be included in the contract avoiding any future costly variations.

While this is happening, we arrange for a land contract to be prepared. Generally, the contract would be conditional upon the buyer being able to obtain Finance Approval. With the searches completed and the product and colour selections done, the builder will be able to provide you with a final quotation. When all parties have agreed this will form the basis of the building contract documentations which the builder will prepare for review.  Next step, present all the contract documents to your chosen Solicitor for review. When the documents have been reviewed and accepted by all parties, the documents are signed, with copies submitted to your lender for approval.

When the lender is satisfied that all documents have been supplied and loan condition has been met, they will then issue what is called a “conditional approval”. These conditions can include among others, approval of any Government grants (if applicable), lenders mortgage insurance approval (if required) and any other documentation the lender may deem necessary prior to initiating the settlement of the land. Before the lender allows the build to commence, the builder will need to provide the lender copies of the development approval and plans, builders warranty insurance and builders construction liability insurance.

Once you receive the lender’s conditional approval, confirmation of the approval is then relayed on to the land seller via your solicitor. This will generally make the land contract unconditional, and you will be required to pay the land seller the balance of the deposit indicated on the land contract.                                                                                                                                            Your solicitor and lender will now commence the settlement process to transfer the land into your name. At this point you will also be required to pay the builder the balance of the deposit detailed in the building contract. This enables the builder to submit a development application on your behalf as is required to obtain the development approval. Be aware that at this point you will be required to pay the builder the deposit as per the building contract.  Most building contracts require a maximum deposit of 5% of the contract amount. Most lenders prefer that you pay all your deposit funds towards your land settlement, which can cause an issue. Talk to your lender to ensure you have access to funds to pay the builder’s deposit. This can be by either retaining enough funds directly or via a draw on your loan.

Newly subdivided land will need to be registered with the relevant Government departments before the land can be settled and transferred into your name. The developer/vendor will notify all parties once land is registered. All parties can now proceed with the settlement and transfer process.

When the land purchase is finalised, you will be notified by your Solicitor and your Lender. It will then be up to you and your builder to ensure that all the outstanding documentation is submitted to them. When the lender is satisfied that all the information requested has been received by the lender, they will then issue the builder with an Authority to Commence Notice.

Once your builder receives the Authority to Commence Notice, they will then prepare a construction schedule and advise the nominated commencement date. This date then determines the contractual completion date.