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If you’re looking to buy a new first home in Perth, you have two basic options:  buying a ready-built home or building one.

A ready-built home is a complete, move-in ready home. It has everything already done, including internal painting, floor coverings, landscaping and paving. All you need to do is bring your furniture and move in! A ready-built home is the perfect option if you’re looking to move into your new home as soon as possible.

On the other hand, if you don’t need to move in straight away and you decide to build instead, you can have the excitement of choosing your ideal block of land, designing your new home and watching it come to life during the building process.

Checklist for a first home buyer in Perth

Buying your first home is a big decision. Whichever new home option you choose, make sure you follow these 3 steps so you can get the home of your dreams and that the process goes smoothly.

• Step 1: Assess your needs

Work out the size and location of the home you need. Consider both your current and future needs. For example, are you planning on starting a family? How close would you like to be to work, friends and family?

• Step 2: Assess your finances

Work out the value of the home you can afford. This will include understanding how much deposit you need and how much you can afford to borrow. We’ll provide more information on new home financing later in this article. 

• Step 3: Do your research

Go and visit builder’s open or display homes so you can gauge prices and the quality of their work.

What can I expect at an open home viewing?

When you’re inspecting an open or display home, you should expect: 

• the quality of the home to match any sales and marketing claims made by the builder.
• the agent or builder’s representative to be knowledgeable and willing to accurately answer any questions you may have.
• the agent or builder’s representative to provide key information in writing to help you make an informed decision. 

New home financing 

If you’re an eligible Perth first home buyer, you’ll be able to access the first home owners grant (FHOG, also known as the first home buyers grant). You might also be able to access your super if you take advantage of the First Home Super Saver (FHSS) scheme. The Keystart low-deposit program is also available to first home buyers. 

We’ll now look at each of these finance initiatives in turn.

How much is the first home owner/buyer grant?

The FHOG in Western Australia is a one-off payment of $10,000 by the State government. If you qualify, you can use the FHOG for your deposit so you can buy your own home sooner. 

It’s important to understand that the FHOG is only available for new homes, not for established homes or for home renovations. 

Only one FHOG payment can be made per eligible Western Australian property transaction. In other words, if you’re buying a residential property together with your partner and you are both first home buyers, you only qualify for a single $10,000 FHOG payment. 

The FHOG will generally be paid at the contract settlement date if you’re buying a ready-built/turnkey new property, or when your slab is laid if you’re building a new home (for example, via a house and land package). 

How do you qualify for the FHOG? 

To qualify for the home buyers grant, you’ll need to meet all of the following requirements:

• be aged over 18,
• you (or your partner) must be an Australian citizen or a permanent resident,
• you (and your partner) must not have owned Australian residential property before, and
• you must intend to live in your new home for at least 6 months within 12 months of the home’s contract settlement date. In other words, you can’t be buying an investment property to rent out to tenants. If you are, you won’t qualify for the FHOG. 

There are no income thresholds for the FHOG, but if you’re buying in the Perth metropolitan area, then the value of your new home must be less than $750,000. 

Can I use my super to buy my first home?

Yes, but only if you take advantage of the federal government’s First Home Super Saver (FHSS) scheme. The FHSS allows eligible first home buyers to make voluntary contributions to their superannuation fund to save for a deposit on their home.

It’s important to understand that these contributions must be additional to any compulsory super contributions made on your behalf by your employer. In other words, you can only withdraw super funds to buy your first home if you have voluntarily contributed funds to your super.

Superannuation is a tax-effective savings environment in Australia because super funds are taxed at the concessional rate of just 15%, which is lower than even the lowest marginal tax rate.

Normally, you can’t access your super until you have reached your preservation age (which is between the ages of 55 and 60, depending on your date of birth) and met a condition of release (such as retiring from the workforce). However, the FHSS allows you to access your super for a deposit on your first home. 

How do I apply for the FHSS?

You can apply to the Australian Taxation Office (ATO) to have a maximum of $15,000 of your voluntary super contributions in any financial year included in your eligible FHSS contributions to be released. It’s possible to withdraw up to $30,000 worth of your voluntary contributions for a deposit on a home. For example, two years’ worth of the maximum annual $15,000 worth of contributions.

You must:

• be at least 18 years of age to be eligible to withdraw super funds under the FHSS.
• intend to live in the first home that you’re buying for at least 6 months in the first 12 months after you acquire it.
• buy an Australian property.

In addition, you must have never previously owned property in Australia, nor have ever requested an FHSS release. Couples, siblings or friends can use their own eligible FHSS contributions to buy the same property. 

Can I buy a home with no deposit? 

If you don’t have any deposit of your own (or a low deposit), a Keystart loan is a potential option for you. 

What is Keystart? 

A Keystart home loan is a low deposit, variable interest rate loan that’s available to all first home buyers across Western Australia who intend to be owner-occupiers.  Keystart home loans are an initiative of the State Government to help Western Australians who are unable to meet the deposit requirements of mainstream lenders.

Keystart loans only require a deposit of 2%, which is much lower than the 5% or more that’s required by most lenders. Best of all, if you qualify for the First Home Buyers Grant, you can use it for your Keystart home loan deposit. 

How we can help

At Now Living, we specialise in providing affordable housing for first home buyers. We’ve helped more than 1,100 first home owners in WA to finance their property purchase over the last four years through The Loan Company, a mortgage broking service. The extensive range of new homes that we build start from just $269,000 and we can help you get started with a deposit of as little as 1,000!

Contact us today to find out more or visit one of our display homes. We’d love to hear from you, and we’d be happy to answer any questions you may have!

The post Guide to Buying Your First Home in Perth appeared first on Now Living.

A ready-built home is a new home that is complete and move-in ready. It’s sometimes called a turnkey home however you are getting more than just the home. Once you’ve bought one, all you need to do is bring your furniture and move in!

The alternative to a ready-built/turnkey home is designing and building a new. A common misconception is that all new homes will be move-in ready when they are handed over to buyers by builders. That’s not necessarily the case. Many standard house and land packages don’t include so important home inclusions, like:

• carpets and other flooring,
• internal painting,
• wet area tiling
• blinds,
• landscaping,
• paving, and
• a clothesline.

All of these essential items are included in a Now Living home. When we say that all of our homes are move-in ready, we mean it!

What are the benefits of a ready-built home?

The benefits of a ready-built/turnkey home include:

• the ability to move in sooner,
• Having an newly built established home to move into
• The opportunity to buy now, and pay later while under construction
• an upfront, fixed purchase price
• it will have all the things you need completed and included in your building contract.

Where can I buy a ready-built home?

At Now Living, we currently have ready-built/turnkey house and land packages available in the following locations across Perth:

• the Emerald Park Estate in Wellard – 1 complete home available now to move into
• the Millars Landing Estate in Baldivis – 1 complete home available now to move into
• the Karmara Estate in Piara Waters – 2 currently under construction, buy now, pay later option
• the Ariella Estate in Brabham – 1 complete home available now to move into, plus another under construction
• the Harrisdale Green in Harrisdale – 1 complete home available now to move int.o

The Emerald Park Estate

The Emerald Park Estate in Wellard is only 30 minutes from the Perth CBD in a secluded natural environment. Despite its tranquil location, it has all the amenities you need, including its own primary school, childcare centre, parks, playgrounds and the nearby Wellard train station.

The Millars Landing Estate

Thanks to the Millars Landing Estate, the Balvidis region is now one of the fastest growing in Western Australia. It’s about 35 minutes from the Perth CBD but it’s just 10 minutes from the Rockingham Beach Foreshore. The Foreshore is currently undergoing a major revitalisation project that will include the building of a grassed amphitheatre facing the beach, a lookout point, and an expanded boardwalk.

The Millars Landing Estate is also close to schools, transport and the Baldivis Town Centre, where you can access all the essential services you’d expect, including medical facilities.

The Karmara Estate

The Karmara Estate in Piara Waters is just 15 minutes from the Perth CBD, but it’s also nestled among the peaceful surrounds of the Piara Nature Reserve and other parkland areas. In addition, it has several primary and high schools nearby, as well as major shopping precincts and essential services.

The Ariella Estate

The Ariella Estate in the leafy suburb of Brabham is where more and more people are choosing to live. Brabham was the fastest growing Perth suburb in terms of real estate values in 2018.  Not only is it on the doorstep of the Swan Valley, it has major links to both Reid and Tonkin Highways, making it very accessible. It’s about 30 minutes from the Perth CBD.

Brabham also has a growing number of amenities and major infrastructure development underway. It is scheduled to get its own primary school and shopping centre in the near future. The school is scheduled to open in 2021. The shopping centre will contain a supermarket, 15 speciality shops and both medical and childcare centres.

How much are ready-built homes?

In partnership with Cedar Woods and Now Living Realty, our ready-built/turnkey homes start from:

• $299,000 at the Emerald Park Estate in Wellard.
• $330,000 at the Millars Landing Estate in Baldivis,
• $485,000 at the Karmara Estate in Piara Waters, and
• $495,000 at the Ariella Estate in Brabham.

Ready-built homes can be a cheaper alternative to designing and building a home from scratch, because you don’t have any potential additional costs, such as siteworks. Siteworks include earthworks and connections to power, water and sewerage that need to take place before the home-building process can commence.

The cost of siteworks varies depending on the block of land, but its typically between $10,000 and $20,000, so it can be significant investment. This cost is already factored into the price of a ready-built/turnkey house and land package like all of those that we offer at Now Living.

How can I buy a ready-built home?

We specialise in building affordable housing for first home buyers at Now Living, so the value all of our ready-built/turnkey homes falls within the eligibility criteria for the $10,000 First Home Owner Grant (FHOG) in Western Australia. You can use the FHOG for your deposit so you can move into your own home sooner, provided that:

• you’re aged over 18.
• you (or your partner) must be an Australian citizen or a permanent resident.
• you (and your partner) must not have owned Australian residential property before.
• you must intend to live in your new home for at least six months within 12 months of the home loan’s settlement date. In other words, you can’t be buying an investment property to rent out to tenants.

In addition, Now Living offers ‘ Buy now, pay later’ on all ready built homes, meaning that an initial deposit is paid and nothing more until your home is complete. If you’re eligible for the FHOG in Western Australia, you’ll also pay no stamp duty on a home that you buy if it’s valued at less than $430,000, and reduced stamp duty if it’s valued between $430,000 and $530,000.

This is a significant saving, because stamp duty is an additional cost when you’re buying a property. For example, if you weren’t a first home buyer and you bought a new home worth $430,000, you’d be charged $14,440 in stamp duty. But you’ll pay ZERO stamp duty on that purchase as a first home buyer.

At Now Living, we can help you to finance the purchase of your ready-built home as a first home buyer. We have helped more than 1,100 first homeowners in WA over the last four years through The Loan Company, a mortgage broking service.

For more information about any of our Now Living ready-built/turnkey homes or how you can buy one, contact us today!

The post What Exactly is a Ready-Built Home? appeared first on Now Living.

Getting your first home loan can seem like a daunting step, but it doesn’t have to be! Before you apply, it’s important to understand three things:

1. where you can get a first home loan,
2. your entitlements as a first home buyer, and
3. how much you can afford to borrow.

Where you can get your first home loan

You might automatically think of a bank as your only option when applying for your first home loan. However, Keystart home loans are another option worth considering.

Keystart home loans 

Keystart home loans are low-deposit home loans provided by the Department of Communities and Housing to eligible first home buyers in Western Australia. 

The benefits of a Keystart home loan include:

• a lower deposit.

Keystart home loans require a deposit of just 2% (banks typically require at least a 5% deposit). A lower deposit can help you to buy a home sooner.

If you’re eligible for the $10,000 First Home Owner Grant (FHOG) in Western Australia, you can also use this for your Keystart loan deposit. The FHOG eligibility requirements are explained later in this article. 

• no lenders’ mortgage insurance (LMI).

LMI protects lenders if borrowers fail to make their home loan repayments. Banks and other financial institutions typically charge the cost of LMI to borrowers who have a deposit of less than 20% of the value of the home they want to buy. This cost can be several thousand dollars, depending on the size of the loan. 

• no monthly account-keeping fees.

Many other lenders charge these types of fees on home loan products.

Keystart loan eligibility

To be eligible for a Keystart home loan, you must:

• be aged over 18,
• be either an Australian citizen or permanent resident,
• not already own a home or land,
• intend to build or buy a home in Western Australia to live in (i.e. not rent out),
• buy a property below a threshold value (the property purchase cap in the Perth metropolitan area is currently $480,000), and
• have an annual income below specific limits. The annual income limits for Keystart home loan applicants have been increased for the second half of 2019. New limits for the Perth metropolitan area are outlined in the table below. 

From 1 January 2020, the annual income limits for each type of applicant will reduce

Your entitlements as a first home buyer

It’s also important to take advantage of all your entitlements as a first home buyer when you’re arranging your first home loan. Your potential entitlements in Western Australia include:

• the $10,000 FHOG mentioned earlier in this article.  

You’ll be eligible for the FHOG if:

• • You’re aged over 18.
  • You (or your partner) must be an Australian citizen or a permanent resident.
  • You (and your partner) must not have owned Australian residential property before.
  • You must intend to live in your new home for at least six months within 12 months of the home loan’s settlement date. In other words, you can’t be buying an investment property to rent out to tenants.
• no (or lower) stamp duty on the purchase price of your property.

If you’re eligible for the FHOG in Western Australia, you’ll also pay no stamp duty on a home that you buy if it’s valued at less than $430,000, and reduced stamp duty if it’s valued between $430,000 and $530,000.

This is a significant saving, because stamp duty is otherwise a major cost when you’re buying a property. For example, if you weren’t a first home buyer and you bought a new home worth $430,000, you’d be charged $14,440 in stamp duty! But you’ll pay ZERO stamp duty on that purchase as a first home buyer.

• the federal government’s new First Home Loan Deposit Scheme (if you’re borrowing from a bank).

This Scheme will be available to eligible first home buyers from 1 January 2020 who wish to borrow from banks.  You’ll be eligible for this scheme if:

• You are part of a couple and your combined incomes are lower than $200,000 (or if you’re single and your income is less than $125,000), and
• You can contribute deposit 5% of the value of your new home (FHOG can make up some of this).
• You’re buying a home in Perth that’s valued at less than $400,000 (or less than $300,000 in other areas of Western Australia). 

If you meet all of these eligibility criteria, the federal government will provide you with a guaranteed loan to cover the difference between the deposit you can provide, and the 20% deposit that’s required by most lenders (other than Keystart). This government loan will save you having to pay the cost of LMI with these lenders.

How much you can afford to borrow

Finally, it’s important to work out how much you can afford to borrow before you apply for a home loan. Lenders in Australia are legally required to lend responsibly. That means they must determine whether or not you can afford your repayments when you’re applying for a home loan.  

You can use The Loan Company’s online calculator to work out how much you can afford to borrow before you apply for a loan. That amount will depend on the level of regular home loan repayments that you can afford, based on your income and other expenses.  

How we can help

At Now Living, we can help you to find the right property for your needs as a first home buyer. We have helped more than 1,100 first home owners in WA to finance their property purchase over the last four years through Keystart and The Loan Company, a mortgage broking service. The extensive range of new homes that we build start from just $269,000! They are move-in ready with no hidden costs.

For more information about how Now Living can assist you or what’s included in our new house and land packages, contact us today or visit one of our display homes!

The post How To Get Your First Home Loan appeared first on Now Living.

Buying your home is both an exciting and daunting time. It’s likely to be the biggest investment you ever make, so it’s crucial to find the right loan, as well as the right home.

The Australian home loan market is very competitive and there are a wide range of options available. The best type of loan for you depends on your individual needs and financial circumstances. It’s important to do your research and compare home loan products. Key considerations include a home loan’s:

• interest rate,
• features and benefits,
• accompanying fees and charges.

To help get you started, we’ve put together the main facts about Keystart home loans, which are a popular choice for Western Australian first home buyers.

What is a Keystart home loans

The Keystart Low Deposit Home Loan is a variable interest rate loan which can be owner-occupiers to buy an established home or build a new one. It is available to both first and non-first home buyers across Western Australia.

Advantages of Keystart home loans

Key advantages of Keystart home loans include:

• Deposits from as low as 2% deposit. Other lenders typically require at least a 5% deposit. If you’re a first home buyer, you can access the First Home Owner Grant of $10,000 through the State Government’s Department of Finance to help you with your Keystart loan deposit, provided you meet the eligibility requirements.
• no lender’s mortgage insurance (LMI) is required, which will save you thousands of dollars. LMI is typically charged by mainstream lenders if you have a deposit of less than 20% of your home’s value.
• Loans to those who have had defaults or been bankrupt
• no monthly account-keeping fees are charged. This could also save you thousands of dollars over the life of your home loan.
• they can be approved if you have no credit history (or even a bad credit history).
• you can reduce your loan amount via taking out a shared home loan with the WA Housing Authority.
• they are available if you have a disability that affects your housing needs.
• they are also available under the Aboriginal Home Ownership Scheme.

What are the eligibility criteria for a Keystart home Loan?

To qualify for a Keystart home loan, you must meet all of the following eligibility criteria:

• you’re over 18 years of age,
• you’re either an Australian citizen or permanent resident,
• you intend to build or buy a home in Western Australia,
• you intend to live in the property that you’re buying for the duration of your loan,
• you don’t already own a home or land, and
• you have enough funds to cover all associated property purchase and moving costs.

Your annual income and property purchase price must fall within specific limits that are updated regularly.

Recent updates to Keystart income limits and interest rates

The annual income limits for Keystart home loan applicants have been increased for the second half of 2019. New limits for the Perth metropolitan area are outlined in the table below.

The property purchase cap in the Perth metropolitan area is currently $480,000.
Interest rates on Keystart home loans were decreased to just 4.94% in July 2019.

How to Apply for a Keystart home loan

You can apply for a Keystart home loan online. It’s best to do it before you start thinking about the type of home that you want to build or buy, so that you know your budget. There are 4 steps in the application process:

• Step 1: finding out if you’re eligible. This process takes about 5 minutes. If not currently eligible, The Loan Company will work with you until you find yourself in a position where you are eligible.
• Step 2: applying for a loan if you’re eligible. This usually takes about 20 to 30 minutes.
• Step 3: pre-approval. Once your Keystart home loan has been approved, you can start planning or looking for your new home!
• Step 4: finalising your application once you’ve chosen your new home.

You’ll need to provide:

• all of your financial details, which includes your income and expenses, as well as any assets or debts that you currently have,
• evidence of your employment details for the last two years, including the contact details of your employer/s.
• evidence of your residential address for the past two years.

Why choose Now Living

At Now Living, we offer affordable house and land packages across Perth to suit all budgets and situations. In partnership with The Loan Company, we can help you find both the home and the loan that’s best for you (including helping you to source Keystart loans if you’re eligible).

Our new homes start from just $269K, which is well within the property purchase price cap for Keystart loans!

As one of our trusted partners, The Loan Company can provide you with the credit assistance that you need to make your home ownership dreams a reality. They offer a systemised and streamlined service that’s second to none, ensuring that you won’t have to deal with any of the stress that’s normally associated with organising a home loan.

Want to get into your new home sooner? Simply fill out this form to find out how much you can borrow and our team of experienced professionals will be able to help you.

Once you find out your budget, you can visit one of our display homes or explore our virtual display village online. We have a huge range of options for you to explore. You can choose from a range of architecturally designed, ready-built and move-in-ready homes.

Our goal is to help remove the uncertainty involved in buying your new home. From the moment we first speak with you, we will work together to ensure that there are no surprises or hidden costs waiting for you at the end. We’re also always happy to answer any questions that you may have.

The post A Guide to Keystart Home Loans appeared first on Now Living.

You wouldn’t buy a new car without wheels, or a mobile phone without a battery, or a pair of shoes minus the heel, would you? You wouldn’t be able to use any of them.

New home building customers can find themselves in a similar situation if they don’t buy a ‘turnkey home’.

What is a turnkey home?

A turnkey home has everything that you want or need included in the initial building process and the price you pay for a new home. Some new home builders advertise ‘turnkey’ pricing, while others simply advertise a price for the build itself.

The benefits of a turnkey home

1. You can fully utilise your new home once the building process is complete

Getting the keys to your new home for the first time is exciting. What could be better than walking into a fully new operational home that’s just the way you need it, right from day one?

2. You won’t be up for any additional costs that you may not be in your budget

Building your dream home can quickly become stressful if you don’t know what’s included in the price. If you don’t go with a builder that offers turnkey pricing, you can be up for thousands of dollars of additional costs to finish your home.

External inclusions

Turnkey pricing includes sitework costs for a new home build. These are the necessary earthworks for a new house and land package, like connections to power, water, sewerage and gas, and the installation of things like soak wells. All of these things need to be completed before your build takes place.

While the price for site works will vary depending on the block, they normally cost between $10,000 and $20,000 —quite a shock if you haven’t factored that major expense into your budget!

Even little external things like a letterbox, clothesline, and TV antenna are necessary for everyday living, but they often get left off the ‘standard’ builder inclusion list. And costs like those add up quickly.

In addition, if you need any external paving, a driveway, or you’d like gardens or landscaping done as part of your new home build, you should also talk to your builder about including these costs in their turnkey price.

Internal inclusions

Many internal inclusions are just as important as external inclusions to make your new home ‘turnkey’. Internal inclusions that may not necessarily be included in a builder’s quote include the cost of internal painting throughout the new home — another big-ticket item worth thousands — as well as expenses for window blinds or curtains, and floor coverings.

These items are all turnkey and if a builder advertises ‘turnkey pricing’, then they should be included in the cost of building your home. The best advice is to ask you builder directly about what is (and isn’t) included in their price. That way, you’ll avoid any misunderstandings or nasty surprises.

Turnkey pricing from Now Living

At Now Living when we say everything is included in our new homes, we mean it. All our homes are ‘turnkey’ fixed price*packages, so you don’t have to pay more to start living — just pack your bags, choose your furniture and pick a date to move in, knowing everything has been taken care of … right down to the clothesline.

Building your new home should be an exciting experience, and it can be — so long as you are aware of any extra costs that might be involved in making it a home you’ll love right from the day you move in.

For more information about what’s included in our new house and land packages, contact us today!

The post What’s Included In A Turnkey Homes Package appeared first on Now Living.

Experience the best of both worlds

Kwinana is set among native bushland, but its outskirts nestle the coastline on the way to Rockingham. Residents can enjoy the best of both worlds. The 21-kilometre Kwinana Loop Trail is popular among hikers or mountain biking, while the beaches are always inviting, whether you’re looking for a leisurely stroll or to cool off on a hot Perth summer’s day.

Work opportunities

The Kwinana Industrial Area is Western Australia’s premier heavy industry zone. Major industries include fabrication and construction services, as well as alumina, nickel and oil refineries.

A mecca for motorsports

Kwinana is home to the Perth Motorplex, where you can see regular drag racing, speedway, and monster truck events.

Family friendly

There are plenty of things for the kids to do, like visiting the Kwinana Adventure Park where they can enjoy a giant tree maze, slides, bridges, net tunnels, climbing walls, swings, flying fox and much more. They’ll also be able to cool down under one of the numerous water jets that they’ll find there.

The whole family can also enjoy the Kwinana Recquatic Centre, where you’ll find a range of pool facilities, as well as a spa, steam room and gym.

New housing developments are available

Best of all, there are plenty of affordable housing options in the region, including the Modern Essence on Marlock development. Now Living has partnered with Satterley and LandCorp to bring you 13 exclusive house and land packages in the Cassia Glades estate in Kwinana.

These architecturally designed ‘Hamptons style’ homes from Now Living start from just $309,000. ‘Modern style’ homes are a popular international design trend that combine the modern brickwork and home design.

Now Living modern designs include 2,3 and 4-bedroom options with 2 bathrooms and double garages. They all have high-quality finishes, they’re ready to move into and they all come with optional extras like landscaping (with firepit) and appliances and much more.

The Cassia Glades estate, where you’ll find these homes, is right in the heart of the city and it’s close to shopping, public transport (bus and train) and recreation facilities (like the Adventure Park and the Recquatic Centre). Kwinana Marketplace is the major shopping destination in the area.

Cassia Glades is also close to a range of Kwinana schools and beaches (Kwinana Beach, Rockingham Beach and the Mandurah Foreshore).

If you’re looking for an affordable new home that’s ‘move-in ready’, check out the Modern Essence on Marlock development in the Cassia Glades estate before you miss out! Kwinana is a great place to live and raise a family.

For Modern Essence home that is sold, we are offering a $5,000* Furniture voucher.

The post Spotlight on Kwinana appeared first on Now Living.