Tag: Turnkey house and land

What is the Help to Buy Scheme?

In a previous news article, we introduced the Australian Government’s 5% Deposit Scheme. This time, we’re taking a closer look at the Help to Buy Scheme—a shared equity initiative designed to help more Australians achieve home ownership.

How does the Help to Buy Scheme work?

The Help to Buy Scheme allows eligible buyers to purchase a home with financial assistance from the Australian Government. Rather than lending you more money, the Government contributes an equity share towards the purchase price, either up to 30% for an existing home or 40% for a newly built home – like a house and land package in Tarneit!

You own and live in your home as normal, while the Government holds a proportional ownership share. You can choose to buy back the Government’s share over time, or it will be repaid when you sell your home.

Can I buy a home with just a 2% deposit?

One of the biggest barriers to home ownership is saving a large deposit. The Help to Buy Scheme is designed to make buying a home more achievable by reducing the upfront costs for eligible buyers.

With the scheme, you may be able to:

  • Purchase a home with a deposit from as little as 2%
  • Benefit from lower mortgage repayments because you’re borrowing less
  • Avoid paying Lenders Mortgage Insurance (LMI)

By reducing the amount you need to borrow, the scheme can help ease mortgage stress and make home ownership more affordable over the long term.

What are the key considerations?

When purchasing through the Help to Buy Scheme, you will own your home while sharing part of its value with the Australian Government.

Because the Government contributes towards the purchase price, it also shares proportionally in any increase or decrease in the property’s value. If your home’s value changes over time, the value of the Government’s equity share changes too.

You can gradually buy out the Government’s share overtime, or repay the remaining share when you sell the property.

As the Help to Buy Scheme offers significant financial assistance, eligibility criteria and property price caps apply.

What’s required?

To purchase under the Help to Buy Scheme, you’ll generally need to:

  • Save a minimum 2% deposit
  • Meet the scheme’s eligibility requirements
  • Obtain finance through a participating lender
  • Receive Help to Buy approval before purchasing your home
  • Purchase an eligible property that meets the schemes requirements

For newly built homes, the property must generally be completed as a turnkey home, including items such as the driveway, landscaping, window furnishings and other standard inclusions. Building contracts must also be fixed-price contracts. Chat to our Marigold Team for Turnkey Home Builder recommendations.

Why consider the Help to Buy Scheme?

The scheme is designed to help eligible Australians purchase a home sooner by:

  • Reducing the deposit required to enter the market
  • Lowering ongoing mortgage repayments
  • Bridging the gap between borrowing capacity and the cost of a suitable home
  • Making home ownership more accessible for first home buyers

Could you be eligible?

If you’re considering purchasing your first home, the Help to Buy Scheme could make your home ownership goals more achievable.

Our team can connect you with participating builders and experienced mortgage professionals who can help you understand the scheme, assess your eligibility and guide you through the application process.

To learn more about eligibility requirements and how the scheme works, visit the Australian Government’s Help to Buy Scheme website.

You can also speak to our friendly sales team on 1300 888 181 or via email at info@marigoldtarneit.com.au.

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The benefits of purchasing a house and land package in Tarneit.

When it comes to purchasing your dream home, the decision between buying an established property and opting for a house and land package is one many future homeowners face. While buying an established home offers the convenience of moving in immediately, selecting a house and land package offers numerous financial and practical benefits that may make the process more streamlined and cost-effective.

What is a house and land package?

A house and land package combines the purchase of land with the construction of a new home. Although it involves two contracts, one with the property developer and the other with the home builder doing the construction, the process can be more transparent because you know the total price upfront. Here’s why a house and land package might be the right choice for you:

1. Significant Stamp Duty Savings

Do you pay stamp duty on house and land packages? One of the most compelling reasons to consider a house and land package is the opportunity for significant savings on stamp duty. Unlike purchasing an existing home, where stamp duty is calculated on the full purchase price of the property, with a house and land package, you are only required to pay stamp duty on the value of the land itself. This can result in considerable savings—particularly in areas with high property prices. Imagine how much further your budget could stretch when you’re only paying taxes on a portion of your purchase, rather than the entire property! Jump onto the State Revenue Office website, their calculator will help you understand
stamp duty and the implications for your new home budget.

2. Take Advantage of Government Grants and Incentives

In many regions, building a new home qualifies you for government grants and financial incentives, such as the First Home Owner Grant (FHOG) and other regional or national schemes aimed at boosting homeownership. For first-time buyers, this can reduce the upfront costs of entering the property market. By combining stamp duty savings with these government grants, you could substantially lower the overall cost of building your new home, making it easier to get your foot in the door.

3. Flexibility to Customise Your New Home

One of the main advantages of building from scratch is the freedom to design a home that perfectly suits your lifestyle and needs. Unlike buying an established home, where compromises are often necessary, a house and land package offers flexibility in customisation. You can tailor the layout for future family needs, choose modern finishes, and incorporate sustainable features like solar panels or energy-efficient appliances. Additionally, new homes require minimal maintenance in the early years, and a new home warranty provides extra peace of mind.

4. A Simplified Process

Building a home can be a daunting prospect, but house and land packages can provide a beneficial alternative. Builders and land developers work together, offering a combined product offering that may add value due to specific inclusions. Packages may also further simplify the process with turnkey house and land solutions, meaning your new home comes complete with landscaping, driveways, and other final touches, so you can move in without worrying about the little details.

5. House and land packages at Marigold

House and land packages at Marigold offer a flexible pathway to turning your dream home into reality. With community parks, shared open spaces, and a central location close to schools, shopping centres, and transport links, Marigold is the perfect package for families and investors alike.

Choosing a house and land package can offer financial savings, customisation options, and access to prime locations, all while simplifying the process of building your dream home. By paying stamp duty only on the land component, taking advantage of government grants, and building a home tailored to your needs, you’re not just purchasing a property—you’re making a smart investment in your future.

If you’re looking to maximise value and design a home that fits your lifestyle, house and land packages are now available at Marigold Tarneit.

View available house and land packages.

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