FAQ'sFrequently Asked Questions
I want to stop renting and buy my first home, what do I do first?
Before you start searching for a property you need to work out what mortgage you can afford. Our professional financial consultants can help you calculate your monthly repayments, this can be started by clicking CHECK YOUR ELIGIBILY NOW this will also give us an indication of how much you can borrow, this is called your borrowing capacity, simply fill out the form and one of our team will get back to you.
How do I know if I qualify for the FHOG?
To be eligible for the grant:
How much is stamp duty?
Stamp duties differ across States. First home buyers are exempt from stamp duty in both New South Wales and Queensland
How much deposit do I need?
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) or 10,000 (NSW) this can be used towards your deposit.
What is Lender Mortgage Insurance LMI?
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.
Will I need a solicitor?
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
How long does the process usually take?
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
Do I get a warranty?
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.
Can I choose an area I would like to live?
We understand most people want to live a stone 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.“Escape Renting” could encourage moving up to a 10km radius from your rental to own your own home and give you security for life.
Can I choose my colour selection?
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.
What is the First Home Loan Deposit Scheme
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).
What is the First Home Super Saver Scheme?
This allows you to save money inside your superannuation fund to purchase your first home.