Buying a new home can be an exciting yet daunting experience; after all it’s a big commitment. To help you on your journey, we answer some of the most common questions asked by first home buyers.
- How do I find a broker, solicitor and conveyancer?
Finding the right home loan can mean two things: going to a bank you trust or visiting a mortgage broker. You may already have a pre-existing relationship with a bank or want to shop around and find competitive rates – either way, the first step is to decide whether you’ll go direct to a bank or use a mortgage broker who can assist in getting a pre-approval.
The sales process when buying your Villaworld Home is straightforward, but having legal representatives there to go through the timeframes and conditions of your contract helps to further streamline the process. To source a solicitor and conveyancer, searching online is helpful for perusing your options, or asking your friends and family for word-of-mouth recommendations. It’s important to find someone you can trust as you embark on this exciting journey.
- What would I need to bring to my first meeting to purchase a home?
At your first meeting with the AVID Sales Team, please bring a pre-approval letter from your bank or broker and an official form of identification. You will also need to fill out and sign a Sales Advice form which will be supplied via your sales consultant. If you are meeting virtually, simply send a copy of your pre-approval letter electronically to get the process underway.
- What extra fees will I incur?
When buying a Villaworld Home, we offer fixed priced, single contract for your home and land.
The buying process is very simply with an initial deposit and no progress payments. Our fixed price guarantee allows you to effectively budget and rest easy knowing there will be no hidden costs along the way.
There are, however, the following costs to be aware of when buying any home:
- Stamp duty is on top of the purchase price
- Solicitor fees (conveyancing and legal fees are the costs associated with engaging a legal representative to do the required legal paperwork when buying a home.)
- Search fees (this covers costs associated with various searches on the property)
- Building inspection fees
To understand the additional costs to be aware of when buying a home, find out here.
- How is stamp duty arranged when I buy a Villaworld Home?
When buying a Villaworld Home, you’ll be liable to pay certain property taxes such as stamp duty on top of the cost of your home. Stamp duty is different for each state and in Queensland, it must be paid within 30 days of settlement. Find out your stamp duty rates in line with your property value and if you are eligible to be exempt, here.
We suggest you talk to your solicitor who can assist you with making payment of the Stamp Duty upon your settlement funds to complete.
- How many payments will I have to make?
You are required to arrange a suitable repayment plan separately with your bank, but when buying with Villaworld Homes, you will only make three payments. The first is an initial holding deposit, then a balance of your 5% or 10% deposit which will be required upon formal approval or upon signing of your contact with the final balance of payment at settlement before we hand over the keys to your brand new home. With no progress payments along the way!
- How long does the buying process take with a built Villaworld Home?
Once the contract of sale is prepared, it must be signed, reviewed, and sent back within 48 hours. The AVID team will then countersign and date the contract within 24 hours. The contract will then be sent to you and your legal representative to go through timeframes and conditions. Final settlement occurs either 14 days from finance approval, or when we notify you or your legal representative that your home is complete.
Feel secure when you choose Villaworld Homes.
Your journey is what matters to us. It’s why for the past 36 years, we have been there every step of the way. From the first time you visit us to the day you enjoy your first neighbourhood street party, rest assured when you buy with Villaworld Homes, you’re buying with complete peace of mind and satisfaction. To learn more about Villaworld Homes, visit www.avid.com.au/Villaworld-homes.
This information in the article is for general information purposes only. It is not intended as financial or legal advice and should not be construed or relied on as such. Before making any commitment of a financial or legal nature you should seek advice from a solicitor and registered financial adviser. No content contained within this article should be construed or relied upon as providing recommendations in relation to any financial product. For full terms and conditions visit https://avid.com.au/terms-and-conditions/#villaworld-homes-terms-and-conditions
