Rebates, Titles, Settlement, Turnkey, Untitled: Common developer terminology explained.
Building a new home is an exciting journey many families experience every year. At Marigold, we want to simplify the process, translate industry jargon and break down the barriers. Below, we’ve listed some common terms to help you navigate your purchase with confidence.
What is a House and Land Package?
A house and land package is a property deal where buyers purchase both the land and the home together. Typically offered by land developers in Melbourne, packages give buyers the option to choose from several home designs tailored to suit the plot of land purchasers have selected. At Marigold, this option allows buyers to select from pre-designed homes that perfectly match the size and shape of their block, offering a streamlined experience for the customer. See Marigold’s house and land packages for more information.
What Are Turnkey Homes?
Turnkey homes differ from house and land packages in that they are fully constructed and ready for immediate occupancy upon completion, leaving no outstanding tasks after moving in.
For example, a house and land package usually encompasses only the home’s interior and exterior. In contrast, a turnkey package goes a step further by including landscaping, driveways, and other features that transform a house into a home, such as a mailbox, clothesline, and outdoor lighting.
What Is Titled Land?
Titled land means that the legal title for a plot has been registered with the state’s land authority, allowing the buyer to begin construction immediately after purchase. For families interested in building their dream home at Marigold, purchasing titled land ensures they can start the building process without delay.
Understanding Untitled Land
By contrast, untitled land refers to land that does not yet have its legal title. Buyers can still secure this land but will have to wait until it is titled before starting construction. Untitled land at Marigold offers a more flexible, future-focused option for buyers planning long-term investments.
How Long Does Settlement Take?
The settlement process for titled land typically takes between 30 to 90 days, depending on the property type and contract agreement. During this period, the legal and financial details of the purchase are finalised. However, settlement can only occur once the land is officially titled, as this is a critical requirement.
In contrast, for untitled land, once the title is registered, settlement usually occurs within 14 days.
Rebates and Government Support
A rebate is a financial incentive provided by either the developer or the government to help reduce the overall cost of purchasing a property. Rebates can come in various forms, such as cash back after settlement or discounts on certain aspects of the purchase.
In addition to developer-specific rebates, there are several government programs designed to assist homebuyers purchase a home with a lower deposit.
The Home Guarantee Scheme (HGS) is an Australian Government initiative aimed at helping eligible buyers purchase a home sooner with a low deposit. The scheme offers three guarantees: the First Home Guarantee (FHBG) with a 5% deposit, the Regional First Home Buyer Guarantee (RFHBG) for regional buyers, and the Family Home Guarantee (FHG) for single parents or guardians with a 2% deposit.
For more details on how these government programs can support your purchase, visit the Housing Australia website to explore eligibility criteria and application processes. Keeping an eye out for both developer and government rebates can significantly reduce your overall costs and make your journey to homeownership at Marigold more affordable.
Why Choose Marigold?
Marigold, a highly regarded development, by one of the leading land developers in Melbourne, offers a variety of house and land packages. With its ideal location and family-friendly amenities, Marigold provides the perfect setting to begin your new journey.
Marigold, by Growland. Build a beautiful life.
If you’re ready to start your beautiful life at Marigold, contact one of our friendly team members on 1300 888 181 or via email at info@marigoldtarneit.com.au today!
View available land at Marigold.
View house & land packages at Marigold.
