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.
Turn-key simply means that once your new home is completed, you can turn the key and start living. The build price will include everything a home should have including landscaping, fencing, window coverings and a letterbox.
Many builders will advertise new home packages that are not turn-key. A cheaper house and land package may be appealing, however you must understand exactly what's included in your new home.
If your home is not ‘turn-key’ then you may be left with thousands of dollars of additional costs needed to complete your home. Turn-key will allow you to move in and enjoy your new home to the full.
All of the new home packages we offer are full 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 simply means that the builder and client agree to a set price for contracted services at the onset of a project. To put it simply... the purchase price for your new home will include everything included in your contract.
As the buyer you'll feel more confident with a fixed price contract as it ensures that you're not hit with any unexpected build or site costs that may occur during construction. So if unexpected costs do arise, the builder will need to cover these costs.
All of our home packages come with fixed price contracts so you can have peace of mind when building your new home with MWC.
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.
To help first home buyers enter the property market, Australia introduced the First Home Owner Grant also known as ‘FHOG’. If you'd like to access the FHOG, then there’s a few things to keep in mind to ensure you’re eligible. In most instances, as the buyer you'll need to be:
Because each state has their own grant amount and eligibility criteria, we recommend checking your eligibility online here - www.firsthome.gov.au.
The FHOG can often assist towards your first home deposit. If you're eligible, our team will help you to access the grant and complete the necessary documentation.
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 Home Packages 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%. Interest rates may vary by lender and your individual situation so we like to explore as many options as possible.
When building your new home with us, we will give you a clear idea of what finance options are available to you including interest rates and repayment amounts.
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.