House and land checklist

House and land checklist

When you are buying a land and constructing on it, you can have a lot on your mind. Here is a checklist to help make the process a little easier.

Before you select your house and land package and pre-approval of finance:

  •   Clarify how much finance you qualify for
  •   Apply for a loan pre-approval prior to starting to look for a house and land package
  •   Check application and valuation fees
  •   Obtain an estimate of loan costs, repayments and loan product description
  •   Have an understanding of deposit requirements, how much deposit is due to land agent and/or   builder and by when.
  •   Ensure that your financial position is not likely to change prior to land settlement and/or house   commencement/completion.
  •   Make certain that your broker/lender will work with both your land vendor and your builder to    ensure a seamless transition to owning your new construction.

Before you sign contracts, have you requested purchase conditions of the following:

  •   Soil test
  •   Finance – sufficient to complete house and land purchase
  •   Any other relevant condition(s)
  •   Allowed sufficient time for settlement as recommended by your solicitor

Before you instruct your solicitor on the purchase conditions:

  • Complete and are satisfied with the soil test, propose house sitting and associated site costs as   quoted by the builder.
  • Satisfied with the finance package and ensure that any final conditions outstanding are covered so there is extension to the finance date.
  • Satisfied that sufficient funds will be available for land, house and completed items such as           fencing, driveway, floor coverings, turf and other personal requirements.

Before you sign your letter of offer for finance:

  •   Check your funds table and associated costs against those estimated.
  •   Check that the product description meets with your requirements.

About the author

Obu Ramaraj Obu Ramaraj has been a mortgage broker since 2009. She has written over $80 million dollars of loans and still maintains a personal touch to all her clients, no matter how small or big your deal is because she enjoys helping people achieve their dream of buying their own property. By sharing her knowledge and experience she hopes to instil confidence in anyone looking for a home loan. Her attention to detail and drive to achieve the best result for each and every client are enviable assets in the home loan industry. Obu is passionate about helping all home buyers feel comfortable with the property buying process; however her strongest passion is to help more people become self-assured property buyers. Her goal is to increase their financial awareness and have more people buying houses from a very early age, comfortable in the knowledge that they have made the right choice for their circumstances.