Tag: house for sale in tarneit

The Pros of Buying off the Plan
The Pros of Buying off the Plan

The Pros of Buying off the Plan

Tossing up between buying off the plan and established? 

Here are the pros for buying off the plan!


Giving you time to save

Many first home buyers like buying something off the plan because it gives them more time to save for their initial deposit compared to established.

Buying off the plan enables you to secure land, or a house and land package, that suits your financial capability.  An initial deposit of $1,000 is all you need to secure the right block of land to suit your dream home. Upon signing your land contract, the balance of your 5% deposit is payable and no further payment is required until your land titles (which depends on your loan arrangements).  In the meantime, whilst you are waiting for your land to title, you are able to work with your chosen builder to finalise your build costs. You also have the time between paying your deposit and settlement to continue saving for upgrades, items for your new home or allowing for unexpected costs. This transparent and upfront process can be more agreeable, particularly if you are working with a tight budget and need to know exactly the amount you have committed to.

Buying off the plan allows you to enter the market on your terms. You are not subjected to attending multiple auctions week after week praying for something to sell within your price range. You already know the total cost of your land or house & land package (fixed only).  With established homes, you also have a shorter window to settle, generally either 30, 60 or 90 days and need to allow for stamp duty fees. 

Another advantage is that we work with many builders who also offer saving plans for first home buyers. Ask our sales team to point you in the direction of these builders if that sounds like something that interests you.


5% is all you need!

Here at Marigold all you need to secure your lot is an initial deposit of $1,000! This secures your land whilst you review your contract with your conveyancer.  The balance of the 5% deposit is required upon signing your land contract. At settlement, after your land has titled, any further payments are made by your banking instituion on your behalf in accordance to your loan conditions. Anticipated title dates vary between stages in a community and can generally range from 9 months up to 18 months. When choosing the right block of land to suit your needs, you can choose one with titles further out, so you have plenty of time to save.


Saving on stamp duty 

If you buy an established home, you will most likely pay land transfer duty (otherwise known as stamp duty). 

Depending on the value of your home, you may be able to claim a duty exemption or concession.  

First-home buyer duty exemption – A one-off duty exemption is available if your new home is valued up to $600,000 and will be your principal place of residence (PPR).

First-home buyer concession – You may be eligible to claim a discount on your stamp duty if your new home is worth between $600,001 to $750,000 and it will also be your principal place of residence.

When you buy a block of land, stamp duty is only calculated on the value of the land, which may mean you will not be required to pay for stamp duty at all. Whooppee!


Receive $10,000 from the government with the First Home-Owner Grant!

That’s right, $10,000 from the government for nothing! Pretty sweet huh?

If you build a new home valued up to $750,000, you may be eligible for the First Homeowner Grant (FHOG).
Find out more here – https://www.sro.vic.gov.au/first-home-owner


Avoid the negotiations

Never been a good negotiator? Buying off the plan can save you the trouble!

When choosing to buy established, conditional/unconditional loans, settlement timeframes and deposit amounts are all factors that can influence your attractiveness to a vendor. Any offer you present is at the vendors discretion. This is where second home buyers and investors can win out over first home buyers in negotiations if they have a bigger deposit amount saved or the imminent sale of a home behind them.


We hope we have put together a good case for buying off the plan. At the end of the day, we know that you will make the right decision for you at this stage of your life.
Most importantly, buying off the plan is great as you have the fun and freedom of choosing your home and being the first one to live in it!

Have more questions about what buying off the plan is like? Our friendly sales team are happy to help and answer any queries you may have.
If you wish to speak to our sales team,  please feel free to reach out on either of the following methods:

Phone: 1300 888 181

Email: info@marigoldtarneit.com.au

more news stories

Saving for your deposit

Saving for you first home is no easy feat! Thankfully, we have some tips and tricks to help you on your way.


Review your finances 
It’s time to look at what’s going in versus what’s going out. Are you living above your means? You probably have an idea about where you are sitting already.
Review what you spend your money on. Is there room for you to cut back in any way? Those coffees add up! Lunch out adds up. Find what it is for you and come up with a plan to address your squeaky wheel.

You could purchase a coffee machine and make yourself barista quality at home. You can then put it in your fancy keep cup and take it to work with you.
Compromise to only eat out once a weekend and do anoter activity with friends instead.
If you are always tempted by Ads, it’s probably a good idea to remove your most tempting brands from your social feeds for the short term.

Lenders do go through your bank statements so if the spending looks reckless, they are going to look at your application less favourably.


Credit cards
They sound amazing but did you know when applying for a loan banks and lenders assume you use the entire credit limit each month?
This means even having one in your name, even if it is just for “emergencies” means you have an automatic amount of debt against your name.  
If it isn’t absolutely essential for you to have a credit card, getting rid of it before you apply for a loan, reducing the limit, or transferring the balance to one with a lower interest rate, will help to improve your borrowing capacity.  And be sure to always pay off your credit card on time!


Buy Now Pay Later
It’s lay buy but with a twist where you get the goods first and pay the balance off later! Too good to be true? Sadly, yes.  It’s another factor lenders will be looking out for when they assess your home loan application. It doesn’t send the right message to the lender as you should be able to afford to pay for the things you need to buy in full at the time. It’s also super easy to rack up a lot of debt here really quickly which doesn’t signal that you’re particularly good at managing money or a home loan. A good rule of thumb is; if you can’t afford to buy it twice you can’t afford it at all.


Subscriptions
Now that you’re committed to saving, it’s a good time to check your savings bucket for any holes – aka, subscriptions. Those expenses that are coming out of our account unnoticed that you really aren’t getting much value for.

Do a review of all direct debit subscriptions that are coming out of your account. Which subscriptions are you actively using and which ones could you honestly do without. Many of us signed up to a streaming
platform (or two) throughout lockdown. During lockdown that made perfect sense because we were all at home way more than we wanted to be (and using these platforms way more than we would like to admit).

Now that we are back out socialising, like the social butterflies we are (not too much because we are saving) we may not be getting much value out of them. Firstly, if you have multiple streaming
services; make a decision to stick with one and cut the rest. The beauty of these services is that you can binge one show on one platform one month, suspend and watch another show on a different platform the month after. Put a date in your calendar each month (just before the renewal) where you look
at your calendar for the month ahead and make a judgement if you will use it this month. Suspend if you’re going to be busy and keep if you’re planning to have a quieter social month. Plans fall through? You can resubscribe in an instant.  

Having a regular check in like this will make sure you’re not paying for it whilst off on a holiday too.


Another common one for a lot of people are gym memberships. Summer is coming but honestly reflect on how much you are using this service. Gym memberships are a little more complicated in that they cannot usually be suspended and unsuspended without going through paperwork – which they know is cumbersome and why they do it to keep your money rolling in!
If you’re booking classes via an app, you should be able to go back through your app to see how often you went over the last month.
Now, divide that number by your monthly charge. Is it worth it? Is that the value you wanted to be getting from this service?
Noone is saying quit the gym but there might be a more value driven option for you. If you are a really sporadic gym goer a casual membership might be the way to go. These one-off passes seem more expensive but if you only get to the gym once one week and three times the next, you’ll be saving money overall. The other great thing about lockdown was that a lot of people uploaded a lot of free exercise content online. Plus, with the weather getting warmer you might find you have more motivation to wake up early and go for a walk or run instead. Being in nature is an added benefit for your health too!


We hope these tips will be beneficial to your savings goals. Stay tuned for more updates coming soon!

Our friendly sales team are happy to help and answer any queries you may have.
If you wish to speak to our sales team,  please feel free to reach out on either of the following methods:

Phone: 1300 888 181

Email: info@marigoldtarneit.com.au

more news stories

How to choose the right block of land

So, you’ve decided to buy land to build your dream home. Great! Now what? 

Where do you begin? Luckily, we are experts, and we have a few suggestions of things to consider to ensure you find the block of land that is perfect for you! 

Get started with this essential checklist that will help you find the perfect block of land for your dream home. 

Know your finances.

Consolidate your savings and prepare your spreadsheets with your expenses, it’s time talk to your bank or financial specialist for a pre-approval. This is an indication from the bank of your borrowing capacity (the amount the bank or financial institution is willing to lend you). This amount is based on your income, deposit amount and other expenses.

From here, you will have a better understanding of your overall budget! This is an important step as it allows you to search for your house and land confidently, knowing what budget you have to work with.

Don’t forget to put aside some funds for stamp duty and other taxes like Lenders Mortgage Insurance (LMI). 

Find the perfect floorplan.

The size of the lot you purchase will determine the size of the house you can build. 

Determining the size of the floorplan you need helps prevent you from overpaying on the land component as you won’t be paying for excess land you do not need. 

A checklist with your ‘must-have’ and ‘negotiable’ items is a great way to get started. Answer questions like: 

-Are you looking for something low maintenace or would you like a big backyard with space for a pool or garden shed?

  • How many bedrooms and bathrooms do you need?
  • Are you looking to build a single or double-storey?
  • What design features will make your life easier? A study or working from home space, walk-in pantry and large bench, alfresco for outdoor entertaining? 

Visiting display villages and speaking to building consultants will help you choose the right floorplan to suit your family’s needs. 

Is north facing the best orientation?

The orientation of your land and floorplan is another important consideration. From a builder’s perspective, north-facing land in Tarneit allows maximum sunlight throughout the seasons. With the sunshine facing onto the main living areas, this will passively heat your home during the colder months, helping you save on your electricity bill. The placement of windows can also have a significant impact too!

Location.

Finding a community that complements your lifestyle is the next all-important step. 

  • Do you want to be able to walk to local shops and cafes?
  • Do you want to be close to an abundance of parks, open space and cycling and walking trails?
  • Are you planning on starting a family and need to be close to schools and early learning centres?

These are all important factors that should be considered when looking for the ideal community to call home. The key point is that you decide what factors are most important to you. We may be biased but Marigold ticks a lot of those boxes!

View Marigold’s enviable location in Tarneit here or discover more of the future amenity planned for the area here.

–

We hope this checklist has provided you with some helpful information to assist you with your new home buying journey.

If you have any questions or wish to discuss any aspects of the home and land buying journey, you can contact our friendly sales team on 1300 888 181 or via email at info@marigoldtarneit.com.au.

more news stories
The new centre will feature a kindergarten and maternal health care centre.

Family Centre Opening Soon!

In exciting news for the growing Marigold community, a brand-new Integrated Family Centre with a kindergarten is being built close to home.

The Bembrit Bag-rook Community Centre is set to open soon, bringing high quality maternal and child health care, and a new kindergarten to the Marigold community.

Located on Polly Parade, Tarneit , the long-awaited, multi-million-dollar centre is just a short five-minute drive from your new home at Marigold, and ideally positioned for growing families.

Integrated child and family centres are great pillars of new communities as they become a focal point for professionals to deliver accessible services including education, care, health and support services to children and young families.

The new kindergarten facilities, operated by Best Chance, have been designed in line with the Victorian Government’s Early Years Learning and Development Framework.

Attending kindergarten is an important step in your child’s development, teaching them skills that they will build on throughout their lives – from language development to important social skills and confidence that will help create friendships that will last a lifetime.

The centre is currently under construction and is anticipated to be completed in the coming months.

With a number of established early childhood centres within close distance, experience the Marigold difference.

more news stories