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!

Deciding to build your first home is hugely exciting, but it can be daunting too!

There are so many decisions to make and it can be a little confusing at first…

If you are thinking about buying your dream block and building that special home in Western Australia, follow our 8 simple steps and you will be throwing a house-warming party before you know it!

The Buyers Process

STEP 1 - Research
Before you start make a list of what is important in terms of where you want to live, what sort of house you want to buy and what kind of budget you have. Choosing your block of land is the first really important and exciting part of the process, then thinking about what type of home you want to build. Start considering where you want to live and what you want to be close to. It is really important to have a good understanding of your budget and what you can afford. Once you have established your budget and have indicated what you are willing and able to spend, you’ll then need to check if your lender will approve your loan before you choose a block of land and start planning.
STEP 2: The Contract - signing on the dotted line
There are four main stages in the contract signing process you will need to be ware of: 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 purchase 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 finance the standard lending rules mean you will need documentation to prove your identity, income, assets and liabilities and past tax returns. You may also qualify for the First Home Owners Grant, which is great news, saving you quite a lot of money! You will then receive unconditional approval from your bank and loan documents will arrive for signing. Your settlement agent will then organise the transfer of land documents for signing.
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