Building a home

There’s a whole lot more to think about when you’re planning to build instead of buy. Building a home gives you free rein to find a block of land and plan a house to suit your family’s life in Queensland. Here’s some of the first steps to consider when you’re planning a build:

• Get the right block of land: Are you after a small or large block? Do you crave city living, suburban serenity, or beachside bliss? Does your land need to be flat or is a sloping block going to offer better views?
• Hire an architect/drawer: Get your dream house down on paper with an architect who can bring your vision to life. Architectural drawings may be included in your building package, so work closely with the designer and create a house you love.
• Find a contractor/builder: Get reviews of potential contractor’s work and see if you can drive past their previous projects. Choose a builder you can trust and get a quote for the work before you hire them.

Home buying tip!
Use the Find a Master Builder tool and get in touch with the closest licenced contractors to you.

When you’re planning your budget, it’s good sense to have a bit of extra money up your sleeve. Get an idea on what you can afford to pay and keep your budget in check before you start the build. While unexpected building costs may arise, it’s good to know what extras you may be up for so you can plan in advance. Find out more about the costs to build a home and use our calculators to plan your budget.

• Lenders Mortgage Insurance (LMI)
• Lending fees
• Stamp duty or transfer duty
• Soil tests
• Land registration
• Landscaping/driveways/wheelie bin costs
• Legal and conveyancing fees
• Building inspection
• Utilities and connection fees
• Home insurance

If you need a little help and want to see where you can save more, check out our budget planner.

Conditional approval is free, valid for 90 days, and gives you the confidence and time you need to get your build sorted. Before you get too deep into the building process, it pays to have conditional approval. You’ll get a benchmark of what you can afford to borrow so you can plan your build around that magic number. Download our key facts sheet for more information.

Once you’ve chosen a bank to fund your build, it’s time to get your home loan. If you’ve already got conditional approval, getting a home loan is super easy. The bank will look through your finances, make sure you can afford the repayments, and check your block of land and building plans will equal a house worth what you’re paying.

You’ll choose a home loan that has either fixed or variable interest rates. Both types of home loans have their own benefits and could save you a bit of money. Find out more about interest rates and make the best choice for your lifestyle.