You may have noticed that House and Land packages are mainly offered within estates. Estates are often targeted toward specific buyers – usually by age and/or lifestyle. The amenities within an estate will give you a good idea of the types of people living there. For example, estates with a primary school and playground will attract young families or those thinking about starting a family.

There are also other House and Land package options outside of estates. Urban infill development can present some great House and Land package opportunities (think duplexes or triplexes), although these block sizes can sometimes be smaller than those offered within an estate. Furthermore, if you find a block of land you simply love, many home builders can create a custom house and land package and will work with you to design a home to fit.

New Generation Homes House and Land packages are available in a huge range of suburbs across Perth. Read through our handy quick-fire facts about each of Perth Metropolitan’s up-and-coming suburbs below to help you find the perfect area to begin your amazing new life.

First, you might need to deep dive into your personal finances. Understanding your current financial situation will clarify any budgeting decisions that need to be made in order to bring your new dream home to life. Start by pulling together the below info:

• Your current salary or income as well as a partner’s (if you have one) salary. This gives you your total household income;
• How much money do you have in savings which you plan on contributing towards your home deposit, be it small or large, you’ll be pleasantly surprised at your options;
• Your monthly costs- think rent, groceries electricity, and gas, fuel, phone bills etc;
• Your current debts – loans, credit cards, buy-now-pay-later applications (i.e. AfterPay), and any assets which cost you;
• Ongoing direct debits, such as the gym, Netflix, and any other subscriptions;
• Any other expenses like car registration, insurance fees, or items which occur throughout the year;

Once you understand your finances a little better, you can take the next step which is usually chatting with a bank or finance broker. Often, new home builders will have a finance broker they work with closely which can be a big bonus as it means there are communications and working efficiencies already in place.

A broker/bank will work with you to determine the home loan best suited to you and your circumstances and advise on any government assistance, like first home buyer schemes, to which you are entitled.

A house and land package requires a special type of loan. In fact, there are two loans: one home loan for the land and a construction loan for the house. The home loan is set up so that the vacant land is purchased upfront but then you authorize the release lump sum payments as construction milestones are reached. Your repayments on the house will be interest only until the build is finished which helps with your cash flow during your new home build.

Once construction is complete, your full mortgage will kick in and you’ll start making principal and interest repayments. New Generation Homes’ in-house broker, Westgate Finance, has set up thousands of House and Land loans and you’ll get the benefit of smooth, transparent communications through our existing business relationship.

If you’ve made it this far, we think a House and Land package might just be the option for you. Why not chat to one of our knowledgeable New Home Consultants on 6555 7548. We want you to feel confident in your new home decisions and as you progress in your new build journey, we’ll be with you every step of the way.