Your questions answered
We've included a list of frequently asked questions, for general new home buyer information and also for finance-related information.
If your question isn't listed below, or if you want more information, please call us on 131 828
- How many years have you been in business and how many homes have you built?Australian Building Company have been in business for more than 7 years and built over 1,000 homes all over Australia. We started in Victoria and have in more recent years expanded to South Australia, Queensland and New South Wales.
We have always had one clear purpose: to make the great Aussie home affordable again, for more people. Our homes are created by top home designers to suit the requirements of modern Australian families– families who don't want to break the bank just to own their own home.
To put it simply, we build great homes at great prices, built to last with an ‘Easy-As’ process.
- Why should I build a new home rather than buying an existing home?With a new home build, you get to:
• Choose your ideal design, colours, façade and the perfect location.
• Work with helpful new home consultants to achieve the best home for you and your family's lifestyle
• Avoid potential problems with renovating an existing home (It can be costly, and you don’t always know what you’re buying)
• You will receive the First Home Owner Grant (if eligibility criteria is met)
• Only for Victorians, you can save up to 50% stamp duty on new builds (if eligibility criteria is met)
- How do I select the right home design for my needs?When you design your own home, decisions can pretty quickly go from exciting to terrifying - how will you know that you are making the right decisions?
However, with Australian Building Company you can relax – the process is smooth and simple, thanks to our ‘Easy As’ process.
There are a few important things to in mind when you’re deciding on a house design.
1 - Choose a future proof design. When you’re considering home design ideas, it’s important to look ahead - remember the house will also be home for future lifestyle changes such as a young family or teenage children who may need more space.
2 - Land Size and Location. Make sure you choose a home that can fit on your block of land and meets building requirements for the location you are looking to build in.
3 - Work out what's most important to you. Is a large kitchen with butler's pantry really important to you? Or would you prefer a larger alfresco space? A list of must-haves vs. nice to haves is always a good idea.
4 - Know your budget. Make sure you choose a home that is in line with your budget to avoid disappointment. You can work through this with one of our New Home Advisors or use preliminary pricing on our website.
- What kinds of questions should I be asking a new home builder when I am deciding who to build my dream home with?• Who are they?
• Do they offer a Structural Guarantee?
• Do they offer fixed site costs?
• Do you understand their quote?
• Do their plans and designs suit your block?
• Is there a point of contact for you at all times during the build?
• How long will the build take?
- How do I choose the interior and exterior colours for my new home?At Australian Building Company, we know that choosing the colour of every item in your home can be quite stressful, so our interior design team have created a range of stunning interior and exterior treatments so you can select from colour schemes and finishes for your chosen home to achieve a stunning designer finish. Whether it’s on-trend Hamptons, or a modern contemporary feel, we have a scheme to suit your unique individual style, making your home beautiful inside and out.
- How long does a home building contract take to create?Thanks to our ‘Easy As’ process, depending on where you are building, we can have a contract ready for you in under a week.
1. Start by choosing your home design.
2. Pick your styling and options.
3. We prepare contracts and documentation
And that's IT - Easy As! Our focus is to make your home building journey as fast and stress free as possible, just as it should be.
- Can I make changes to the plans?We have a huge range of design options for every home design. A selection of these design options are shown on our website, just check out the ‘Home Designs’ section and click through to a selected plan to see what is offered. Beyond this, our new home advisors are best placed to run you through the full range of options for your selected plan, or discuss in more detail what you are looking to achieve with you home, and how we can help you.
- Does my home come with a warranty?We are proud to say that all Australian Building Company homes come with a 25-year structural guarantee to give you absolute peace of mind you are getting a quality-built home.
- Am I committed to anything if I make an appointment with a New Home Advisor?Australian Building Company advisors are happy to provide all information regarding home designs and land availability during an obligation-free appointment.
- How do home and land packages work?As the name suggests, the purchase of a home and land package includes purchasing the land and the house in one bundle. In building terms, this means you will enter into two separate contracts, one with the land developer and one with the builder. Not only are home and land packages an incredibly convenient and quick option, but they also take the guesswork out of the process including costs.
These contracts each require a deposit to secure the property and the cost may vary from developer to developer, and builder to builder, so it pays to do your research! We package up the best blocks in the estate and, there are no hidden costs as everything is included.
- Where are your house and land packages located?We have new home and land packages available in high quality estates across the greater Melbourne metro area, Adelaide, Brisbane, Sunshine Coast and Northern NSW.
Let one of our friendly advisors help you find the land that best suits you or browse through our premium locations via the ‘House & Land’ section of our website.
- What is a turnkey package?The name “turnkey” refers to the fact that once you are handed the keys to your home, you can literally turn the key in the door and move into your new home immediately, with no extra work required.
A turnkey home goes a step further in ensuring no more work is required on the property at handover and you can move in immediately. There are elements to a property that are sometimes not included in the overall build of a house and land package, such as a driveway, and even flooring. A turnkey home sees all the elements completed to allow you to live comfortably from the point of handing over the keys.
- What is a fixed price package?This refers to a home and land package with a fixed price, meaning there will be no additional costs along the way so you can sit back and relax while everything is taken care of for you! It also means that the scope of the house is locked in and changes cannot be made.
- What is the difference between titled and untitled land?Titled land is land with an official record of who owns it and registered with the Land Registry. Put simply, once land is titled, you can start building your property on that piece of land.
Conversely, untitled land is unregistered land that is sold prior to council registration and is typical of new estates or new land releases. To put it in simple terms, the sale contract is more of a conditional promise by the developer to deliver a block of land at some point in the future for an agreed price.
- What are site costs?They are the costs associated with preparing your block for construction. Site costs cover things like soil tests, earthworks and the engineering requirements for the foundation of the home. The Bushfire Attack Levy (BAL) is also included in these costs, along with local council permit and the application process.
- Does Australian Building Company partner with local trades and suppliers?We use only the best local trades and suppliers who we know have a proven track record of building high-quality homes with great craftsmanship. If you’d like to find out more about our homes or our trades and suppliers, we can put you directly in touch with one of our new home advisors.
- What is the First Home Owner Grant and can I get one?The First Home Owners Grant is available to Australian citizens or permanent residents who wish to buy or build their first home, which will be their principal place of residence within 12 months of settlement.
To qualify, neither you nor your partner have previously received a First Home Owners Grant anywhere in Australia.
To see if you qualify in your selected state please visit:
> VIC: In Victoria, if you are a first home buyer you may be eligible for the First Home Owners Grant of up to $10,000 if you are buying or building a new home less than $750,000 in value and that home will be your principle place of residence. For more information, guidelines and eligibility requirements, please visit https://www.sro.vic.gov.au/first-home-owner.
> SA: In South Australia, if you are a first home buyer you may be eligible for the First Home Owners Grant of up to $15,000 if you are buying or building a new home up to the value of $575,000 and that home will be your principle place of residence. You can check your eligibility at www.revenuesa.sa.gov.au/FHOG
> NSW: In NSW, if you are a first home buyer you may be eligible for the First Home Owners Grant of up to $10,000 if you are building a new home and the total combined value of the vacant land and building contract does not exceed $750,000. The home must also be your principle place of residence. You can check your eligibility at https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/new-homes
- What is stamp duty and does it apply to me?When you buy or acquire a property, you will most likely have to pay stamp duty. The amount of duty you pay depends on the value of your property and whether you are eligible for any exemptions or concessions or if you are a foreign purchaser.
However, the government currently has a stamp duty exemption scheme in place whereby as a home buyer, you may be eligible for the 50% stamp duty waiver for newly built / off the plan homes up to the value of $1,000,000 in Victoria till June 30 2022.
- What is home loan pre-approval and how long does it last?Whether it’s your first home, your next home or an investment property, home loan pre-approval is the stage in the home-buying experience that lets you know how much you can borrow. It provides a degree of certainty when you are searching for your new home and, once you are prepared to make an offer on a property, have a real maximum figure to work with.
Pre-approval is calculated by considering your current financial position: including income, your existing liabilities, and the size of your deposit or funds available to purchase the property. How long do pre-approvals last? Usually 90 days.
In short, with pre-approval, you can go house-hunting with more confidence, but by mindful of the time limit.
- What is lenders mortgage insurance?Lenders Mortgage Insurance (LMI) is generally charged by some lenders if you have a deposit of less than 20 per cent. It is a one-off, non-refundable, non-transferrable premium that's added to your home loan, calculated based on the size of your deposit and how much you borrow. The more you contribute to the purchase price of your property, the lower the cost will be.
For example, say you wanted to buy a house that’s worth $500,000 and the bank wanted you to pay a deposit of 20% ($100,000). But, you only had saved but you only had saved $50,000, yet have sufficient income to support the loan. In this case, you may be able to take advantage of Lenders Mortgage Insurance which the bank would then lend you the $450,000 needed to buy your new home.
- What is the Government’s Family Home Guarantee?The Australian Government announced a new program called the Family Home Guarantee, which provides eligible single parents with dependants the opportunity to build a new home with a deposit of 2%, subject to the individual’s ability to service a home loan.
From 1 July 2021, 10,000 Family Home Guarantees will be made available over four financial years.
The Family Home Guarantee is aimed at single parents with dependants, regardless of whether that single parent is a first home buyer or previous owner-occupier. Applicants must be Australian citizens, at least 18 years of age and have an annual taxable income of no more than $125,000.
For further information visit: www.nhfic.gov.au
- How does a mortgage broker work?A mortgage broker is the middleman between the borrower and the lender (usually a bank), who negotiates the loan on your behalf. They will research products on the market from the hundreds available, and then support you through the application and settlement process.
We can put you in touch with a mortgage broker who specialises in new home construction, or alternatively, work with your mortgage broker.
- Got another question? We can answer it!Call our team on 131 828 or click Contact us anywhere on the site.