How To Guide – Buying
Speak with your bank or home lender to secure pre-approval for your home loan. Ask for a letter outlining the amount they are prepared to loan. Do not rely on online approvals or calculators.
Visit Satterley communities and the Satterley website to prepare a short list of preferred communities within your price range. Ensure your chosen communities are close to areas that suit your lifestyle and family, such as schools, shopping, transport and recreation.
Speak to the Satterley Sales Professional at your preferred community. Discuss the kind of features you want in your new home; for example the number of bedrooms and bathrooms, the number of car spaces, garden size, or if you want a pool.The Sales Professional will recommend a homesite to fit the home you are planning.
Choose your block from the homesites available.
Feel confident in the quality of the community. Many homesites are sold ‘off-the-plan’.That means the street and homesite you are buying may not be developed. A look around the existing parts of the community will reassure you of the quality that Satterley communities offer.The Satterley Sales Professional may be able to show you similar sized homes and homesites already completed.
Ask about buyers incentives and offers currently available.
Ask about the title on your homesite. You may purchase a titled or untitled homesite.The title is a legal document that provides a legal description of a piece of land and identifies the owner of the land.You cannot become the legal owner of your new homesite, or finalise the purchase, until after your lot is titled.Your Satterley Sales Professional is able explain the process.
Choose your settlement agent / solicitor. A settlement agent / solicitor is the person or company that will handle the paperwork involved in purchasing your new home. You will be asked to nominate your settlement agent / solicitor in the offer to purchase.You may wish to compare fees from a number of companies.
Complete an offer and acceptance contract with your Satterley Sales Professional. The offer and acceptance contract is a legal document entered into by the buyer and seller for the purchase your new homesite. It includes the purchase price, details of any finance required, offers or incentives offered by the developer, settlement terms and any additions to the contract, called annexure. The annexure are specific to each Satterley community and include details of the subdivision and your specific homesite as well as any building guidelines for the community. Once you have completed the offer and acceptance contract, it is sent to Satterley to arrange acceptance by the seller. A fully signed copy of the offer and acceptance contract is then returned to you for your records.
Deposit. At the time of making your offer to purchase you will be asked to pay a deposit on the purchase of your land.This is usually done by cheque or electronic transfer to Satterley. Your Sales Professional will discuss the amount you are required to pay and how to pay. Your deposit is held in a trust account until settlement.
Proceed with finance and settlement. Settlement is the term to describe the process and the day on which you legally become the owner of your new homesite. Once the offer and acceptance contract has been signed, the buyer, the seller, and the home loan lender all begin working toward settlement. Satterley will provide you with a copy of your contract. You should immediately provide your lender or finance broker and builder with a copy of the contract to enable your loan application to be completed.
Satterley will also send a copy of the Contract to your nominated settlement agent / solicitor so they can prepare for settlement.
Choose your Builder. With you homesite purchased, it is time to choose a home design and compare builders’ quality, prices and inclusions.
Make sure to take along the dimensions of your homesite when looking at display villages. There is usually a gap of several months between your offer to purchase and settlement. This is the time to finalise your building plans.Your new home plans and specifications must be complete and the building contract signed to ensure that finance is approved and your land purchase can settle by the due date. Your Satterley Sales Professional is available to help with any queries.
Settlement. Once the title issues for your new homesite and finance has been approved, the purchase can proceed. Settlement usually takes place within 45 days of titles being issued. At the time of settlement the block becomes yours, mortgage payments begin and your builder is able to proceed with construction of your new home.
How To Guide – Buying
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Home Loan Application Tips
Banks and other home loan lenders want to know that you will be able to repay any money they lend you. It’s your job to gather all the documents and proof to show the bank that you will be able to meet your repayments. Lenders want to see:
- Stable Income Demonstrate a strong employment record and regular income over several years.
- Low Levels of Debt Try and reduce your levels of debt before applying for a home loan. Lenders want their loan to be your priority. They also want to limit the amount of potential debt you can get into. If you have a high limits on your credit cards then reduce them.
- Savings History Banks want to see a regular savings history. A savings account, with regular deposits over a three to six month period will help your application. Use the period while waiting for your homesite to be ‘titled’ to increase your deposit through regular savings.
- Strong Payment History Banks want to see that you have managed debt previously. If you can demonstrate a loan that you have successfully managed to repay it will help your application.
Do your paper work.
Lenders will appreciate paperwork that is detailed and in order. By keeping detailed financial statements and records of income and expenditure throughout the period prior to application you will increase your chances of getting approved for a loan. See our what you’ll need for your home loan application checklist.
Home Loan Application Tips
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How To Guide – Working With Your Builder
- Visit display villages for designs you like and to get a feel for the quality of a builder’s work. Be aware that the price of the display home as viewed, may be very different to the standard version of the home design. Read the specification (what is included for the price) carefully and compare to the home you have viewed.
- Choose a well established builder and ask how many homes they complete each year. An established builder has extensive buying power and the industry knowledge to save you money.
- Try and stick with the design as offered by the builder. Making changes to basic plans will make your home a little bit different but is a very easy way to add thousands to the cost of your home build. If you want stone bench tops, choose a design that offers them as standard, rather than individually upgrading another design.
- Similarly stick to your choices of interior features, such as floors, tiles, kitchen surfaces, once you have made them. Changes or upgrades after you have signed your contract can quickly see costs blow out.
- Ask your builder about any restrictions or covenants affecting your lot. Are there restrictions on where you can build a garage or pool? Are their guidelines for the style and colours of houses allowed? Can you build a two storey home on the block? These guidelines ensure an attractive neighbourhood once homes are built, and a good land Sales Professional will explain them at the time of purchase.
- Check what is included in your building contract. Painting, floor coverings, electrical items and paving or driveways are rarely included as standard. Compare inclusions from different builders and see exactly what you are paying for. Ask about ‘turnkey’ prices which mean you home is ready to move into, including all of the above.
- Your builder will assign a supervisor to your new home.The supervisor will give instructions to all the tradespeople, oversee schedules and answer your queries during the build. While you may have many questions when your visit your home during construction, to save time, duplication and confusion it is best to discuss these with the supervisor only.
- Be organised. Keep a file of all your correspondence, contract and choices to quickly refer to during the build. Try to put all your queries to the builder in writing and ask for all responses by email, so you have a copy for your records.
How To Guide – Working with your Builder
Click the below button to download the Satterley How to Guide for Working with your builder