Guide to buying land

Everything you need to know

Follow our 8 simple steps and you will be throwing a house-warming party before you know it!

As exciting as it is to build your first home - it can seem like a huge and daunting task!

Buying and building your dream home is so exciting!  However it can feel a little confusing at first, especially if you have never done it before. 

There is no right or wrong way to go about building your dream home, whether you start by finding the right location and block of land, or you select your perfect house first. However, buying land and building your home is one of the biggest undertakings you will make and can be quite daunting if you haven’t been through the process before.

We have designed some simple steps to help if you are thinking of buying a block of land and building a new home in Western Australia.  You’ll be popping the champagne before you know it!

The Buyers Process

STEP 1 - Research
Consider your basic needs first; what sort of house you want to buy and where you want to live as well as how much you can afford. Choosing the location of your block of land is just as important as choosing what type of home to build on it. When making these early decisions think about what type of amenities are important to you to be close to. Then ensure you have a sound understanding of your budget and how much you can afford. Speak to your finance broker or bank to gain a firm understanding of how much you can borrow and be ahead of the game by seeking pre-approval from your lender too so you can move quickly when have found the dream block.
STEP 2: The Contract - signing on the dotted line
The contract signing process involves a few main steps: a) signing the contract to purchase land with the land developer; b) contract acceptance by the developer (at this point you usually have approximately 7 weeks to gain unconditional approval); c) appointment of a settlement agent (they organise the transfer of the title into your name and will guide you through the process); and d) signing the contract to purchase a house with your chosen home builder.
STEP 3: Finance – Apply to your bank
When you apply to your bank for a housing loan, make sure you already have the required documentation to prove your identity, income, assets and liabilities and past tax returns. You may also qualify for the First Home Owners Grant, which will save you some money! The next step is to receive unconditional approval from your bank – they will send you loan documents to be signed, while your settlement agent will then organise the transfer of land documents. Once you have made an offer that has been accepted, you'll have roughly 28 days to obtain finance approval. The settlement date is approximately 28 days after this, the date which the bank pays for the land and it is yours to build on.
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