FAQ's

To be eligible for the grant:

• You must be an Australian citizen or permanent resident (or applying with someone who is).
• You or your spouse must not have previously owned property in Australia.
• You must be at least 18 years of age.
• You must be buying or building a brand new home, valued under:
  • $750,000 (QLD, (VIC)
  • $575,000 (SA)
  • $600,000 (NSW)

Stamp duties differ across States. First home buyers are exempt from stamp duty in both New South Wales and Queensland

This depends on your borrowing capacity and the value of the home you buy. In most circumstances lending institutions require a minimum of 5% of the value of your home.

If you are eligible for the First Home Owners Grant (FHOG), which is $15,000 (QLD & SA) or 10,000 (NSW, VIC & WA) this can be used towards your deposit.

LMI is a fee charged by finance lenders. It’s generally charged when you have a deposit which is less than 20% of your property’s purchase price.

LMI allows the lender to have confidence in offering you a home loan, even if you haven’t quite reached that 20% deposit. With LMI in place, some lenders will allow you to borrow up to 95% of the purchase price of your home.

Conveyance sounds like boring legal stuff, but it’s everything that needs to happen to make the property officially yours. It can be a confusing process and you need a solicitor to make it happen. Escape Renting can introduce you to a solicitor and offer a no sale no fee conveyance service with a guaranteed fixed price to keep everything easy

Typically finance approval once submitted can take up to 4 weeks, once finance has been approved the build period is generally 20 weeks subject to weather

The law requires a builder to meet certain obligations when they do building work. These are called ‘warranties’ under the Domestic Building Contracts Act 1995, and ‘consumer guarantees’ of Australian Consumer Law under the Queensland Building and Construction Commission QBCC. Residential construction work is covered by the Queensland Home Warranty Scheme. It provides protection for home owners against non-completion, defective work and subsidence for up to 6 years from completion. Most of our chosen Master builders will have a 10 year structural warranty and a 2 year non structural warranty.

We understand most people want to live a stone’s throw away from where they are renting. Due to our extensive range of developments this is usually possible. However, choosing your first house to fit your budget is priority. 

This is the exciting part of owning your own home. You can now have the colours you want. All of our builders have excellent designers that match colours to make your home flow and fit your own taste too.

This provides a guarantee that will allow eligible First Home Owners on low-medium incomes to purchase a home with a deposit of as little as 5% and exempt from Lenders Mortgage Insurance (LMI).

This allows you to save money inside your superannuation fund to purchase your first home.