Learn more about First Home Owners Grant (FHOG)
Finance pre-approval is indication from a lender that you meet their basic criteria for a loan, up to a specified amount.
It is like full finance approval; however, the difference is you may not have decided which property you would like to purchase yet. So basically, it gives you peace of mind knowing you can obtain finance once you find that perfect property!
Why would you get it?
First and foremost, you need to know exactly how much you can afford so you are looking in the right areas and at the right homes.
Most land developers require pre-approval before you can secure your block of land.
How long does it take to get?
It is quick! It usually takes only 24-48 hours if you have all the information the lender needs to evaluate you. So, start collecting your personal documents, including pay slips and bank statements now (see below for the full list).
What do you need to get it?
You will need to complete a home loan application form and include relevant documentation. Your finance broker or bank representative will guide you through this process.
Before giving you pre-approval, most lenders require you to provide them with documentation that substantiates your identity and your ability to repay the loan. This includes:
- Proof of identification
- Proof of income
- Proof of residence
- Proof of current assets and liabilities
- Proof of savings / deposit for you purchase.
Paperwork has the potential to be a little overwhelming, but it doesn’t need to be when you know what is involved.
Land –The Contract
When you buy a block of land, the first thing you will do is sign a contract to purchase land with the property developer.
You should ask for a copy of the sales contract, including any appendices or covenants that form part of it, so you can read it through thoroughly prior to signing.
It is super important with all contracts you understand what you are signing. If you have any concerns, raise them as soon as possible.
When you sign the contract, you will be asked to pay a deposit. This money is then held in a Trust Account until the land settles.
This is where we, as the land developer, sign the contract acceptance. From here you will have approximately 7 weeks to gain unconditional approval.
Appoint a Settlement Agent
Settlement Agents are amazing people, who will organize the transfer of title into your name and guide you through the purchase process. They tell you when you need to have signed your mortgage documents and settlement documents to ensure everything goes through smoothly.
A Settlement Agent will deal with the seller (the developer), your bank, Landgate (the Government Agency that deals with land sales) and any other authorities involved in the purchase, on your behalf.
When you sign a contract to purchase land, you will be asked to nominate your chosen Settlement Agent.
House – The Contract
You will also need to sign a contract to purchase a house with your chosen home builder. Once again you will need to pay a deposit to your builder as well.
If you have chosen your house and land together, good news is the builder and developer can often sign the contracts on the same day, one after the other.
Just before you move into your new home, follow this handy checklist so that first night in your brand-new home is smooth sailing.
Fencing and Landscaping
Contact our team 6 weeks before you move in to arrange your garden design consultation and fencing. All land purchased through LWP comes with front yard landscaping and side and rear fencing.
Simply email us at firstname.lastname@example.org or phone 08 9297 9900.
NBN / Telecommunications
Depending on which LWP development you have purchased at will depend on which provider connects the cable for your telephone and technology requirements. Your Sales Consultant will be able to advise you.
Contact your relevant local council to arrange your rubbish bins.
Remember to set up accounts for electricity, water and gas and make sure you phone at least a week before you move in. Accounts are super easy to set up and can be sometimes done online.
- Synergy (electricity) – 13 13 53
- Water Corporate – 13 13 85
- Alinta – 13 13 58 or Kleenheat (gas) – 13 21 80
Make sure your new house and contents are insured! (Important note – building insurance is also a requirement of your bank or lending institution)