Deposit, Timelines & What to Expect: A First-Home Buyer’s Guide to Building
Building your first home can be a daunting process, so it’s natural to have questions about how it all works, from deposit through to keys in hand.
Getting your deposit sorted
Deposit requirements vary depending on your lender, the type of loan, and whether you’re eligible for any first-home buyer support schemes. Some buyers are able to get into the market with a smaller deposit than they expect. Particularly with government schemes designed to help first-home buyers, while others may choose to save a larger deposit to reduce their ongoing repayments. Eligibility criteria and scheme details change over time. This is worth a conversation with a mortgage broker or lender early on, so you know exactly where you stand before you start looking.
Understanding the house-and-land process
Building rather than buying established generally means two separate contracts. One for the land, and one for the build. It’s worth understanding upfront:
- Land settlement typically happens before construction begins, and timing can vary depending on the stage of the estate.
- Construction timelines depend on the builder, the home design, and broader industry conditions, so it pays to ask for a realistic estimate rather than a best-case one.
- Progress payments during construction are standard, so it’s worth understanding when these fall due and how they fit your budget.
What to ask before you commit
- What’s the expected timeframe from contract signing to land settlement?
- What’s the expected build time once construction starts?
- Are there any known delays or conditions specific to this stage of the estate?
- What ongoing costs (rates, body corporate if applicable, utilities) should I budget for once I’ve moved in?
Why this research pays off
Buyers who take the time to understand the full process, not just the price, tend to feel far more confident heading into their first build. At Maplestone, our team is happy to walk first-home buyers through exactly what to expect at each stage. There are no surprises between signing and moving in. We are pleased to offer all purchasers our 10/90 payment agreement, with 10% due up front and no more to pay until completion. Get in touch to find out more.
