Set amidst the natural beauty of South D’Aguilar National Park and only moments from modern convenience, Ellendale offers a lifestyle of balance.
Before you embark on this exciting journey, it's essential to understand the financial aspects of purchasing land and building your new home. Financing a new build can be different from buying an established property, and with the right guidance, you can make this process seamless and stress-free.
In this blog, we’ll walk you through everything you need to know about financing your new home build at Ellendale—from budgeting to securing the right loan options—so you can confidently make the move to a new chapter in your life.
Location, community and accessibility are often the first points of consideration during the homebuying journey. If you’re choosing to upgrade to a new build home, understanding the build cost of your new home is also paramount as it helps to determine where you can build, and the type of home is suitable for your lifestyle and budget.
Consider key features such as the number of bedrooms, layout, outdoor space, and additional elements like home offices or entertainment areas. Understanding what you need from your home early on will help you budget more accurately, as the cost of your build will depend on the design, size, and features you choose.
By defining both the home and lifestyle you want, you’ll have a clearer understanding of the investment required and can align your budget accordingly to make your dream home a reality.
When building a new home, you’ll need to consider two types of deposits:
Once both deposits are organised, a mortgage broker or your bank loan manager can assist you in navigating the approval process, confirming if Lenders Morgage Insurance (LMI) is required, and ensuring that everything is in order for your new home purchase. If you’re unsure on the deposit structure, please reach out to your broker or your loan manager for more guidance.
Understand The Construction Loan Repayment Structure
When upgrading to a brand-new home with a house and land package, your loan is called a construction loan, which has a repayment structure distinct from other property types. The process begins with settling the land, and once this is done, your construction loan repayments will commence. This means you'll need to account for repayments on the land component right from the start.
Once your land settles, the construction phase begins, and repayments will align with the stages of the build.
A typical construction loan repayment schedule may look like this:
Stage |
Percentage |
Deposit |
5% |
Base |
10% |
Frame |
15% |
Enclosed |
35% |
Fixing |
20% |
Substantial Completion Fixing Stage |
12.5% |
Practical Completion Stage |
2.5% |
Total |
100% |
Source: Queensland New Homes Construction Contract (Oct 2015)
These progress payments are made as each construction stage is completed, and funds are drawn down progressively. Importantly, interest is only charged on the funds that have been drawn down, not on the full loan amount.
Before the final progress payment is made, your lender will require an independent valuation to confirm that the construction has been completed according to the original plans and specifications. Once the build is finished, full repayments will begin, including both principal and interest.
Understanding the timing and structure of both land repayments and construction loan repayments will help you effectively manage your finances throughout the build.
Selecting the right home loan is key when upgrading to a new home at Ellendale. There are several loan options to consider:
A mortgage broker can help you explore these options to find the best fit for your financial goals and long-term plans.
If you currently own a property, you may be able to leverage the equity in your current home to help fund your new home build at Ellendale. Equity is the difference between the market value of your current property and the amount you owe on it. This can be particularly helpful for avoiding the need to save for a new deposit from scratch.
By using your existing equity, you can access a larger deposit for your new home. Speak with your lender or mortgage broker to determine how to leverage your property’s equity in your new home purchase.
Stamp duty is a government tax applied to property purchases. However, with a house and land package, you only pay stamp duty on the land—not the house. This offers a significant saving, as the house portion of the purchase price is exempt from stamp duty. If you’re a first-time homebuyer, you may also qualify for additional grants and incentives to avoid stamp duty costs or to help you make your first step toward homeownership, so be sure to explore our first home buyer guide here for more information.
Your solicitor or lender can guide you through these costs, ensuring you're fully prepared for the financial aspects of purchasing your new home at Ellendale.
Upgrading to a brand-new home at Ellendale is more than just a move—it’s a chance to embrace a lifestyle of balance, nature, and connection. Bordering the never-to-be developed South D’Aguilar National Park, in Upper Kedron, and just 12km from the Brisbane CBD, Ellendale offers the perfect combination of peaceful, nature-inspired living and modern convenience. Whether you enjoy weekend walks through lush parks, connecting with your neighbours, or simply relaxing in your beautiful new home, Ellendale provides the ideal environment to grow, thrive, and enjoy life to the fullest.
By carefully considering your finances, organising your deposits, and choosing the right loan, you can make your dream home a reality with ease.