Open floor plans are highly popular designs in house and land packages offered in Perth today. We’re long past the days when main rooms, specifically the kitchen, dining and living rooms, were boxed to clearly define their spaces and their individual functions. Designers have already recognized that open plans free up more usable space, so many modern homes are now designed with rooms that flow into each other more smoothly.

If you are looking to finance a house and purchase land with a loan, your lender may introduce to you a feature called “extra repayments”. This common home loan feature allows you to pay more than the monthly premium so you can pay your loan off quicker. The question is, are extra repayments worth the risk of having less cash every month?

Not that cut-and-dry

The general consensus would be “yes”, but there are certain situations in which entering into an extra repayments agreement could be detrimental. You first need to make sure you have enough money to take care of your bills and expenses, not to mention something to put away for savings. Once you’re sure these can be taken care of, only then should you consider your loan’s extra repayments feature.

Benefits of extra repayments

Extra repayments take advantage of the power of compound interest to help you own your home faster. In addition, putting more money into your home loan doesn’t incur taxes, and it’s very useful for improving your net worth and financial health. Indeed, extra repayments are a good idea—that is, if you can afford them. Talk to a financial advisor on how you can maximise this option for your needs.

There are several ways that your family members – your parents, typically – can help you towards home ownership. In fact, according to the National Australia Bank (NAB), more adults are using these methods nowadays. In the 2015 financial year, the NAB noted that most of the first home buyers were aged 20 to 29 (73%) and aged 30 to 39 (21%). There are even some in their teens and, on the other end of the spectrum, in their 40s.

The NAB Family Guarantee allows you to buy your first home with your family member as a guarantor, using their home equity as the security for your loan. Lender's Mortgage Insurance may not be needed anymore, which can help make things more affordable for you. You can also select from the various NAB-branded products to find a home loan that suits your situation best.

The first home owner grant (FHOG) entitles first-time homebuyers to a $10,000 grant for newly-built homes, whose value must not exceed $750,000 (homes located below the 26th parallel, including Perth). Anyone can apply for the FHOG, provided he or she meets the following requirements stated by the FHOG Act of 2000:

Individual 18 Years or Older

Section 8 and 8A of the Act state that an eligible person must be an individual 18 years old or older. Additionally, the individual must not be a trustee unless the buyer has a legal disability. The Commissioner, however, can exempt a person from the age requirement if the person has a valid reason.

Finding Perth house and land packages should be easy. Finding one that fits your specific wants and needs—well, that’s another matter entirely. Fortunately, there are a number of ways you can ensure your house-buying journey ends with a property that truly satisfies your needs.

Evaluate display homes.

Display homes give you an idea of what your home can look like. Choose a model home with the design, size, and price according to your needs, and take it from there.

The Australian Dream hinges on homeownership; for one, it's a sure-fire sign of stability. There are two routes to this dream: an existing home or one built from the ground up.

Either way, owning a home is a serious investment, regardless of the state of the real estate market. That cosy property facing Swan River may as well be the last home you'll ever need, in the best sense. When given a choice between the two routes, however, you're better off building a new home. Change is why.

Saving up for a new house can be a tedious undertaking, even when you qualify for the state government’s First Home Owners Grant of up to $10,000. Many people admit foregoing the unnecessary expenses for a while to save for building a new house under programmes for house and land packages in Perth. For the sake of a brand new home, it is a necessary sacrifice. On the bright side, you can make things work without having to undertake a really severe austerity programme.

First home buyers are catching onto the changes in the real estate market, specifically the projected lower house and land property rates in the year ahead. That said, it seems as if they are also becoming a bit pickier as far as the locations of their prospective homes are concerned. In fact, some are even considering looking into house and land packages in various Perth suburbs.

Not long ago, homebuyers had very limited options when it came to mortgage, because banks and credit unions were generally the only institutions that offered them. Today, however, different types of home-financing providers have become available. Unfortunately, with greater options comes greater risks, and if you don't choose with care, you can easily fall victim to unscrupulous lenders. Here are some tips you can use to find the right provider for you to work with:

Check credentials

Only work with mortgage companies that are regulated by the Financial Services Authority and entered on the FSA register. Check with the agency to see if the lender you’re looking at is in good professional standing.

Prospective homeowners have a number of options when buying their first home. They can choose to buy a new home, land to develop into a new home, or a house and land package. If you’re in the market for your first home, consider the latter of the lot for the following reasons:

The city of Perth is a place just begging to be explored. The variety of neighbourhoods within several kilometres of the city centre have their own stories to tell. As such, people aiming for house and land packages in Perth are encouraged to study the hottest suburbs in the city where they want to live in. Some property agents in the city have turned up hits on which suburbs are bustling with activity, which your house and land developer will take note of and guide you on:

Woodlands

First-time homebuyers can be sold on the merits of the suburb, which includes close proximity to the business district and beaches. Top schools like Hale School Grammar are also located in the area. However, time is of the essence as second- or third-home buyers are zeroing in on areas developed decades ago.

Bassendean

A potent location trifecta awaits first-timers seeking to settle in Bassendean; what more can you ask for when the place is a few kilometres away from the Swan Valley vineyards, ten kilometres from the CBD, and a stone’s throw from the foreshore? Insiders hint at developments along the train areas and upgrades to the town centre.

Girrawheen

While it’s just north of the Wanneroo-Perth shire boundary, Girrawheen is one of a few northern suburbs now attracting interest from property developers making a bigger push. It’s with good reason too– the local authorities predict a two-fold population surge within 20 years.

Given the sheer size of Western Australia and its capital, choosing the right suburb could be a daunting task. There are beautiful locales all over to settle in. As a family, you need to figure out which location suits you best based on your family’s wants and needs.

Surf or turf?

What’s it like to live near the ocean? Is it nice living in the hills? There are gorgeous suburbs that could answer both those queries. Beachside properties tend to cost more, as do hill homes with a view. Bear in mind that there are older suburbs and recently-established ones to accommodate the influx of people moving to Perth.

Make a wish list

Hold a family meeting and list down your top five or six choices. Bear in mind that with older suburbs come the hustle and bustle of a populated area. On the other hand, a newer suburb is likely to be less populated and less noisy. Weigh the pros and cons of each then trim your list by process of elimination.

Building a house to call your home

Many homeowners have taken advantage of the house and land packages offered by builders and real estate companies. You only need to deal with one entity which saves on cost. You save a lot of time as well because you can choose from the company’s catalog of house designs and begin construction immediately. You’ll be moving in before you know it.

First-time homeowners have a variety of options– from renting a home, to buying a listed home, to building a new one. When you have the financial capabilities, you would find that building your home offers a myriad of benefits. Here are the three main advantages of building a home: