How to buy

The buying process

Building or buying a home can be an intimidating process, particularly if you're a first home buyer. However, like any seemingly daunting task, buying a home becomes manageable if you break it into smaller steps.

Steps of the Home Buying Process

Here's overview of the main steps of the process of buying and building in a Lend Lease community, whether you're buying land, a home and land package, a spec home or established home.

For more details about how buying a home works, speak to our Sales and Information Centre team.

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   1. Seek Home Loan Advice

   Before making the final decision to buy, speak with a mortgage advisor to understand your options. Lend Lease offers a mortgage broking service in our Sales and Information Centres. Our Loan Consultants can guide you on your borrowing capacity, an estimate of mortgage repayments and the type of loan that best suits your individual needs.
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   2. Secure your block, home and land package or home

   Although this process differs slightly depending on what you’re buying, generally you will be asked to sign a contract and provide a deposit when your finance is pre-approved. Before you sign, you should have a solicitor look over the contract.
   
   Keep in mind that there are fees involved in buying a house, including government stamp duty, property searches, legal fees, mortgage insurance and loan application fees. You can get an indication of these fees from our online finance calculators. Alternatively our Loan Consultants can help you understand which extra costs you need to pay.
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   3. Contract unconditional and Transfer of Land

   At this stage you will need to decide on the most appropriate finance option for your purchase and make a formal application to a lender. Our Loan Consultant can assist you through this process, including gathering the supporting documents that a lender may request for a construction loan.
   
   Once finance is approved by the lender and the conditions of your contract are met, your contract becomes ‘unconditional’. This means you’re able to proceed with the contract. Your solicitor now needs to inform our solicitor of this on your behalf.

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   4. Design support

   Lend Lease offers a complimentary design support service independent from your builder, to help you develop ideas for your new home. It’s best to contact us early in the design process to maximise the free design assistance we can provide.
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   5. Design and siting requirements

   To pursue the best outcome, all homes must comply with a set of Design and Siting Requirements, or ‘covenants’. Spec homes and home and land packages can be pre-approved, but generally the builder will need to submit your plans to our Design Support Team for approval.
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   6. Keeping you in the loop

   The time between when you sign your contract and settlement can vary. We’ll send you regular project updates to let you know how things are progressing. During this time, we’ll also send you updates about our community and events to help you get excited about your new home.
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   7. Settlement

   Things are really happening now! Make sure you put your settlement date in your diary.  
   
   On the settlement day, you need to pay the remaining balance of your purchase. To avoid any disappointing delays, speak with your Loan Consultant to make sure that funds are available from your financial institution before your settlement date.
   
   Once all the relevant mortgage documents are signed, the land title will be transferred into your name.
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   8. Construction

   Now that your block of land is registered and your plans are approved by our Design Support Team, your builder will then submit the plans for building works and plumbing approval. Once approved, the builder can start construction.
   
   Most builders require progress payments, usually at five stages: slab down, frame up, roof on, lock-up and practical completion. Your Loan Consultant can help to arrange these payments for you.
   
   Safety is very important during the construction process. Your builder must comply with workplace health and safety regulations, and they’ll let you know when it is safe to go on-site. It’s important that you don’t take a sneak peak during construction without your builder present!
   
   Your builder should keep in regular contact with you during the build, but you can always contact us if you have questions.
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   9. Welcome!

   Your home is now ready, and it’s time to move in. At Lend Lease, we know that moving into your new home is exciting, and we want to make your welcome memorable. Learn more about how we’ll welcome you into our community.