Display home addenda

When visiting display homes ask for the Addenda. This will give you a breakdown of all the fixtures and fittings and what category it falls into.

This way it is so easy when you go for your colour selection you will have the right description of tiles, paint, flooring or extra features.

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Home Loan Research

We have gone with a Mortgage Broker to help us choose a home loan that will suit us.

For construction loan, the loan is an interest only and the variable rate can be pretty high.

The best way is to list what features of the loan are important to you:

  • Extra repayments
  • Offset account
  • Redraw facility
  • No fees or minimal fees
  • Fortnightly payments

We are still deciding who to go with; NAB Choice Package or Bankwest Premium Select.

While doing my own research, I found that Loans.com.au were quite competitive and has a good rating.

 This is an example of what my broker provided (20 Sep, 2015):
Package Name NAB Choice Package Bankwest Premium Select
Variable Interest 4.87 4.34
Comparison Rate 5.20 4.35
On-going fees $395 per annum $10 per month
Application Fee $0 $0
Establishment Fee $0 $0
Valuation Fee $0 $0
Extra Valuation Fee $0 $0
Legal Fee $0 $0
Settlement Fee $0 $60
Discharge Fee $150 $300
Split Fee ? $0
Offset 100% offset account 100% offset account
Redraw Free redraw from loan Free redraw from loan – paper-based forms
Split Loan ? Available – no max # of splits
Extra Repayments Unlimited additional repayments available Unlimited additional repayments available
Fortnightly Repayment Yes Yes, manual repayments acceptable for Interest only
Credit Card Free Credit Card – no annual fee
Repayment (m) – based on $400K $1733 $1450.00
After Construction Rates
Variable Interest 4.58 4.34
Comparison Rate 4.97 4.35

Discounts / Rewards

Annual fee of $395 waived for first-year Discount rate of 1.13% off Standard variable
Discount variable rate for the life of the loan
Discount fixed rate available
$1,500 cash back

 

Must haves!

Sometimes you can get carried away with how big you want a home to be. The question is how big do you need your home to be?

Make a list of in three categories:

Must haves:

  • Eaves
  • Higher ceilings
  • Sliding door from Dining
  • Larger Windows
  • Driveway
  • Close off Butler pantry door
  • Choose electricals points
  • Bulkheads
  • Kitchen as displayed

Good to have:

  • Translucent doors
  • Three coats of paint
  • Double Glazing
  • Evaporated cooling*
  • Zoning for heating and cooling

Can do later:

  • Carpet Underlay – Upgrade to Hypo-allergenic
  • Freestanding bath
  • Rubbish Bin Drawers

*Evaporated cooling can be placed later, instead ask for a provision