What Is A House & Land Package

What Is A House & Land Package

What Is A House & Land Package

Among the several options in the market to build your home is to purchase a House and Land package.
It screams the perfect deal for many - a brand new home designed just the way they like it.
There are many developers and builders in Queensland offering different packages, so it’s important to know what you need and shop around for a deal that’s right for you. 

What is a House and Land package?

House and Land packages involve purchasing a block of land from a developer and selecting a builder for home design.
As builders have land developer partners, House and Land packages are often sold in a bundle deal.
They come in fixed price packages which lock in the price for both the block of land and the construction of the house.
This comes handy in the long run - no surprise additional costs! 

How do House and Land packages work? 

The House and Land package also works in another way - shop for your chosen block of land first (perhaps in your suburb of choice), and contact a builder to build your house later. 

How is a House and Land package financed?

The biggest difference between purchasing a House and Land package and an existing home comes down to the financing.
When buying an established home, you would only need to take out a regular mortgage loan. In house and land packages, you are required to take out two loans (usually bundled together in the fixed price): a regular mortgage on your land, and a construction loan for building your house.