Buying How To's
Speak with your bank or home lender to secure pre-approval for your home loan. Ask for a letter outlining the amount they are prepared to loan. Do not rely on online approvals or calculators.
Ensure your chosen communities are close to areas that suit your lifestyle and family, such as schools, shopping, transport and recreation.
Speak to the Allara Sales professional. Discuss the kind of features you want in your new home; for example the number of bedrooms and bathrooms, the number of car spaces, garden size, or if you want a pool. The sales professional will recommend a homesite to fit the home you are planning.
Choose your block from the homesites available.
Feel confident in the quality of the community. Many homesites are sold ‘off-the-plan’. That means the street and homesite you are buying may not be developed. A look around the existing parts of the community will reassure you of the quality that Satterley communities offer. The Allara sales professional may be able to show you similar sized homes and homesites already completed.
Ask about buyers incentives and offers currently available.
Ask about the title on your homesite. You may purchase a titled or untitled homesite. The title is a legal document that provides a legal description of a piece of land and identifies the owner of the land. You cannot become the legal owner of your new homesite, or finalise the purchase, until after your lot is titled. Your Allara sales professional is able explain the process.
Choose your settlement agent / solicitor. A settlement agent / solicitor is the person or company that will handle the paperwork involved in purchasing your new home. You will be asked to nominate your settlement agent / solicitor in the offer to purchase. You may wish to compare fees from a number of companies.
Complete an offer and acceptance contract with your Allara sales professional. The offer and acceptance contract is a legal document entered into by the buyer and seller for the purchase your new homesite. It includes the purchase price, details of any finance required, offers or incentives offered by the developer, settlement terms and any additions to the contract, called annexure. The annexure include details of the subdivision and your specific homesite as well as any building guidelines for the community. Once you have completed the offer and acceptance contract, it is sent to Satterley to arrange acceptance by the seller. A fully signed copy of the offer and acceptance contract is then returned to you for your records.
Deposit. At the time of making your offer to purchase you will be asked to pay a deposit on the purchase of your land. This is usually done by cheque or electronic transfer to the Allara sales professional who will discuss the amount you are required to pay and how to pay. Your deposit is held in a trust account until settlement.
Proceed with finance and settlement. Settlement is the term to describe the process and the day on which you legally become the owner of your new homesite. Once the offer and acceptance contract has been signed, the buyer, the seller, and the home loan lender all begin working toward settlement. Satterley will provide you with a copy of your contract. You should immediately provide your lender or finance broker and builder with a copy of the contract to enable your loan application to be completed.
Satterley will also send a copy of the Contract to your nominated settlement agent / solicitor so they can prepare for settlement.
Choose your Builder. With you homesite purchased, it is time to choose a home design and compare builders’ quality, prices and inclusions. Make sure to take along the dimensions of your homesite when looking at display villages. There is usually a gap of several months between your offer to purchase and settlement. This is the time to finalise your building plans. Your new home plans and specifications must be complete and the building contract signed to ensure that finance is approved and your land purchase can settle by the due date. Your Allara sales professional is available to help with any queries.
Settlement. Once the title issues for your new homesite and finance has been approved, the purchase can proceed. Settlement usually takes place within 28 business days of titles being issued. At the time of settlement the block becomes yours, mortgage payments begin and your builder is able to proceed with construction of your new home.