If you’re a temporary visa holder living in sunny Perth, Western Australia, and you’ve worked hard to save up some substantial funds, you might be wondering, “Why rent when I can build?”
Well, you’re in for an exciting journey! In this blog, we’ll guide you through the in’s and out’s of constructing your very first home in Perth, all while keeping things clear and straightforward.
Let’s set the stage!
Here’s a real-life scenario for you.
Land Cost – $200k
Building Your Dream Home – $250k
Total Investment – $450k
Now, before you dive headfirst into this adventure, let’s discuss the costs, and everything you need to know about them.
Stamp Duty: Budget approximately $19,000 for this expense.
You don’t need to worry too much about this, your settlement agent (we can recommend one for you) will take care of this for you.
FIRB (Foreign Investment Review Board) Application Fee: As a temporary visa holder, allocate around $13,500 for this application. Think of it as your golden ticket to the homeowners’ club.
Deposit for a 90% Loan through Westpac: To secure your spot on this exciting journey, gather $54,000, which accounts for about 12% of the total cost. Please note that not all visa types are eligible for this finance option, so reach out to us for guidance on your specific situation. Additionally, if you work in the medical field, this deposit may be further reduced.
Settlement and Other Fees: These additional expenses may total around $3,000 to $5,000, covering items like settlement, government, and council fees. We’ll work closely with you to ensure they don’t strain your savings.
In total, you’ll need to prepare a deposit of $91,500 for this venture.
Now, here’s the best part of deciding to build a home: You won’t be throwing away $30,000 (based on current REIWA median rent figures) or more on rent every year. Instead, you’ll be investing in your dream home and not missing out on capital growth, all while bidding farewell to the uncertainties and hassle of renting.
So, if you’re a temporary visa holder in Perth with grand aspirations of constructing your own home, it’s time to roll up your sleeves and get building! Creating your first home is an incredibly simple, exciting, and rewarding process.
With the right builder by your side, one who understands your unique needs, budget, and expectations, you can transform your dream of homeownership into reality. Bid farewell to rental worries and welcome those exciting mortgage milestones. You’re now a proud member of Perth’s exclusive club of first-time home builders!
Let’s build your dreams one brick at a time, turning those bricks into the walls of your future. Your journey to becoming a proud homeowner starts now! To learn more, scroll down and fill out our quick form, and we’ll provide you with straightforward help and guidance that cuts to the chase. Our friendly in-house team of housing and finance specialists will guide you every step of the way.
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