House and Land Packages

What is a House and Land Package?

A house and land package is simply where you buy the house as well as the block of land that it is to be built on.  The packages are generally offered in areas of new development or estates and you have a choice of house plans to choose from.  The house plans are generally designed to suit the block.

Designs and Variations

Buildtek have a number of designs for you to choose from. In addition you can make variations to the design. We will advise you on what options are available to each of our plans. We also offer a variety of luxury inclusions to make you Kitchen Bathroom and Living Room really stand out.

Package Types

Buildtek offers two types of House and Land Package.

• 1 Buy the Land and then build the house
• 2 Buy the house completed on Buildtek land.

Option 1  - The Steps:

When you select the buy the land option you will need to pay 10% deposit on the land price and then pay the balance on settlement. This way you will avoid paying Stamp Duty on the house price as you are only liable for duty on the value of the undeveloped land. You will then require a building loan as well as the land loan to take you through the building phase. You will have to make periodic payments through this phase to pay for your house build and should ensure that your finance company is aware of the requirements. Buildtek have negotiated special financial packages through our association with Redilend Australia. We are happy to introduce you to Redilend for you loan requirements. Our Financial page provides full details about the financial packages available.

Summary

• You buy the land first with a Land Loan and 10% deposit.
• With a Building loan you make regular payments towards the building costs till completion.
• You only pay Stamp Duty on the undeveloped land value.

Option 2 – The Steps:

With this option you need to pay a 5 percent deposit before building starts. From then on there are no progress payments required.  You need to make the full payment once construction is complete. This option requires just a building loan and can help with cash flowing the project if you are paying rent or another mortgage whilst building is in progress. However, you will have to pay stamp duty on the full value of the house and and that can  work out more expensive.

Summary

• One loan and 5% deposit
• No progress payments just full payment at completion
• Larger Stamp Duty Tax on House and Land value liability.