You have questions and we have the answers! Click on the drop down boxes below to find answers to our most frequently asked questions. If you can't find an answer to your question, then we will happily answer it for you.
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 things like 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. Contact us for more information.
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 nasty 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. Your MWC Advisor can provide you with estimated cost projections during the time your new home is being built.
The First Home Owner Grant is a state government initiative to help first home owners to get into their first new home sooner. You can find out more information on the grant in your state and check your eligibility here: www.firsthome.gov.au
If your home 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 loan application is refused, 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. If you have a low deposit, then we can help determine the right lender 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. If borrowing more than 80% of your new homes value, then LMI may be applicable. Ask us about our $10,000 MWC Grant which may assist with expenses such as LMI.
Not at all! Interest rates will vary based on the lender and each applicants individual circumstances. Our mortgage brokers have access to well known lenders and in most instances the interest rate will range between 3.5-4.5%. Talk to us to find out which options may be available to you.
If you're unsure about your credit history, we will be able to check this for you or can access your credit file at: www.equifax.com.au
Our low deposit home options come with no catch or hidden charges. We are paid by the builder/developer. This allows us to provide a free service and contribute our $10,000 MWC first home grant towards your purchase which comes directly from our commission and is a gift to you that you don’t need to repay us.
In order to receive our $10k MWC first home grant towards your new home and our free first home buyer service, you will need to purchase your new home through one of our selected builders or developers. If you require finance assistance only, then contact us to see what options are available to you.
Pre-qualification will not affect your credit score. This simply allows us to review your financial situation and determine how much you could potentially borrow and if we have new home packages suitable for you. We do not make any credit enquiries without your permission first.
Property prices can increase, lenders can change their lending requirements and the government grant can reduce. All these factors can affect the amount of deposit that first home buyers will require. For this reason we are urging all buyers to consider their options as soon as possible.