EVERYTHING YOU NEED TO KNOW
How much to do I get for the First Home Owners grant?
The New South Wales Government provides a First Home Owners Grant of $10,000 to eligible applicants who choose to build their first home, while the Queensland Government provides a $15,000 First Home Owners Grant to eligible applicants building their first home.
Are there any other benefits I am entitled to as a first home buyer?
The new First Home Loan Deposit Scheme will launch in January 2020 and will allow first-home buyers to apply for a loan with a minimum deposit of 5%, instead of the usual 20% required. This will alleviate the hurdle of saving an initial down payment. Borrowers under the new scheme will also be exempt to lender’s mortgage insurance. To qualify for the new scheme, single first home buyers must be earning under $125,000 annually and couples under $200,000 per year and must complete an application process.
Does Coral Homes build in my area?
Coral Homes build in QLD and NSW from Hervey Bay all the way down to the South Coast of Sydney.
How long will the build take?
The build time varies depending on your house design as single storey homes are much quicker to build than double storey homes. Speak to a New Home Consultant once you are confirmed your chosen home design for an estimate on the build time.
What if I don’t have land?
No problem! We can put together a house and land package for you that ticks all the boxes. All we need to know is what you are after – and we’ll take care of the rest. Check out our house and land page for more information. No land, no problem!
What if I already have land?
If you already have your land secured, all that’s left to do is decide on a home that best suits your needs and commence the build process.
What homes designs are best for first home buyers?
We have loads of flexible floor plans with something to suit everyone and best of all, very affordable prices. We have found that the Grange, Lisbon and Noosa series are very popular with first home buyers. Check out our home designs page or speak to an experienced New Home Consultant today for helpful advice.
What do I need to know about the building process?
Everything you need to know about the building process can be found here.
Why build a new home?
There are several benefits to building your first home. You can design your home life so it’s exactly right for you, enjoy all the latest modern features and technology, save money on energy, save money on maintenance, and most importantly – you get to pick the location! Read our blog about the benefits of building new over renovating.
How do I know Coral Homes is the right builder?
Choosing a home builder can be a tough decision, but you can’t go past our competitive prices and our award-winning homes. That’s right! We’ve won several awards for our innovative, affordable and high-quality homes. Click here to find out more.
How do I apply for the first home owners grant?
Speak with your Financial Institution for support applying for the First Home Owners Grant. If you live in QLD and would like more information, click here. If you live in NSW and would like more information, click here.
Do you assist in financing?
We do not offer financing for your home build. You will need to speak with your Financial Institution or a Broker for financing options for a construction loan.
How much will my deposit be?
A deposit for a construction loan is different to a home loan. You will pay the deposit in increments and your first official deposit will be 5%. We provide a free quote or estimate upfront and also a fixed price guarantee at contract stage so you have complete peace of mind and transparency.
What is stamp duty?
Stamp duty is a tax from the Government applied to certain purchases. Paying stamp duty is mandatory when buying a home, land or an investment property.
What is lenders mortgage insurance?
Lenders Mortgage Insurances (LMI) is usually required when your home loan deposit is less than 20% of your ‘lenders-assessed value’ of the property. The valuation is determined by an independent valuer organised by your lender to establish your property’s market value.
If your deposit is less than 20% of the lender-assessed value, it means you have a Loan to Value Ratio (LVR) of more than 80%. Borrowers with an LVR of more than 80% are usually required to pay for LMI. This is because an LVR of more than 80% is considered to be a higher risk to the lender.
What is included in the price of my home?
Our inclusions represent amazing value for money. There are two levels of inclusions available, so you can choose the right one to suit you and your budget: One is standard (Designer) and one is luxury (Elegance). See our inclusions guides for a full list of items included. Excluded from your home is the driveway, landscaping, decking, letterbox, and clothesline. We do however offer a home finishing pack to bundle these finishing items into one value pack. More info on the Home Finishing Pack can be found here.
Can I alter existing designs?
Certainly! Speak to one of our expert New Home Consultants for advice on how to arrange the perfect floor plan for you.
Can I go on site?
You can go on site any time you like, as long as your Building Supervisor is there with you. This policy is for safety reasons and your own protection.
This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances.