You have questions and we have the answers!
We've compiled a list of our most frequently asked questions below. Simply click the question below to find the answer. If you can't find the answer you need, you can ask us using the form below.
The term ‘turn-key’ simply means that once your home is completed, you can turn the key and start living. This means the build price will include everything such as landscaping, fencing and window coverings. If your home is not ‘turn-key’ then you may be left with thousands of dollars of additional costs needed to complete your home. All of our home packages are fully turn-key.
Stamp duty is payable on nearly all home purchases. It is a tax on the sale of property and shares and covers the costs of changing the title of the property and ownership details. If you’re a first home buyer, there may be concessions available to you. We will ensure you take advantage of available concessions.
A fixed price contract means the developer and client agree to a set price for contracted services at the onset of a project. This ensures that as the client you are purchasing a completed home with no unexpected surprises such as additional site costs. All of our home packages come with fixed price contracts.
Your home loan repayments will begin after settlement. If your loan is a construction loan, your loan will gradually increase throughout each construction stage as the lender releases funds to the builder. A construction loan will usually be interest only over the first 12 months and then revert to a standard principal and interest loan. Your MWC Advisor can provide you with estimated cost projections during the time your new home is being built.
The Government First Home Owner Grant is a state government initiative to help first home owners to get into their first new home sooner. If you're eligible, our team will help you to access the grant and complete the necessary documentation. You can find out more information on the grant in your state and check your eligibility here: www.firsthome.gov.au
If your new home build contract is 'subject to finance' then you will have time to organise a loan for the property you're buying. If in the instance your home loan application is refused by the lender, you may choose to end the contract and not go through with the sale. All of our new home contracts are subject to finance to protect our clients.
Lending guidelines can vary from lender to lender. Most lenders will generally lend 80% of your homes value however, some lenders will lend up to 95% provided you meet their lending criteria. We specialise in low deposit home loans and can determine which strategy is ideal for you.
LMI is designed to protect the lender. It ensures the lender is covered if in the instance the borrower was unable to meet the loan repayments and the net proceeds from an enforced sale was not enough to cover the loan. We provide a gift of $10,000 to all our buyers to assist with costs such as LMI. This enables our clients to purchase with less savings of their own. Learn more about LMI ›
Not at all! Our low deposit homes come with standard home loans through well known lenders. Interest rates are at affordable record lows and typically range between 3.5% to 4.5%. We can let you know what options are available based on your individual situation.
It is essential that all our buyers have a good credit historty with no defaults. If you're unsure about your credit history, we can help you to access your credit score. If you have a default that you were unaware of, our team can provide information that may help you to have it removed.
Our low deposit home options come with no catch or hidden charges. We are paid by the builder when selling one of their properties. This allows us to provide a complete free home buyer service to our clients. This also allows us to provide our clients with our $10,000 towards their new home. This is a gift and does not need to be paid back to us.
No. We can only provide a free service and our $10,000 gift because we are paid by the builder. In order for us to provide you with a low deposit home package, you will need to purchase your new home from one of the packages we present to you.
Pre-qualification for our Low Deposit Home Solution will not affect your credit score. This simply allows us to determine how much you can borrow and if you qualify. We will never make any credit enquiries without our clients permission first.
Property prices can increase, lenders can change their lending guidelines and the government grant can end or reduce. All these factors can affect the amount of deposit that home buyers will require. We will provide low deposit options for as long as we can however we are urging all buyers to consider their options as soon as possible.
Do you still have a question you need answered? Simply ask us by completing the form below and we will get back to you fast.