Do I Qualify?
How Much Can I Borrow?
Contact us
FAQ
We know that as a First Home Buyer you’re bound to have lots of questions about the process. So here’s some that we prepared earlier.

What is a Home & Land package?

A WOW Homes Home & Land package includes your new home and the land on which it’s built. We help you find your dream home design and the block size you want in a suburb you’ll love. It means you only need one loan instead of a few, so you save on bank charges and fees.

Because we work closely with land developers throughout the Perth metro area, we can save you time time so you don’t have to deal with separate agents. WOW!

How do I choose the right block of land?

This is where the fun starts. There are plenty of reasons for choosing a specific block. Location is important. But so are other things like soil classification, solar orientation, the slope of the block, street appeal, distance to amenities and nearby power lines.

Our House & Land Specialists are here to make choosing the right block easy. They know which design goes best with which block. WOW!

How long will it take to build my home?

We follow a five step construction process. This includes your slab going down, walls going up, roof installation, lockup and final completion. Each step takes around 3.5 weeks with a total build time of 18 weeks. Construction can begin as soon as your finance is approved. WOW!

Do I need a deposit? If I sign up and pay a deposit and my circumstances change do I get a refund?

The initial deposit covers the work done to organise the best loan for you. It also counts towards the lender’s deposit. Arranging the best loan application does take a fair amount of time, so it is non-refundable. If at first your finance isn’t approved, the deposit is honoured until we get it approved for you. WOW!

Do I need savings to build a home?

We understand that it can be difficult to save for a deposit while you are still paying rent. So we have a choice of lending options that require little to no savings. If savings are needed, our in-house finance specialists at Snap Finance will draft a detailed savings plan for you. So you can buy your new home soon as possible. WOW!

What are the monthly repayments on a new home?

Your monthly repayments depend on a number of factors, including;

  • How much you borrow test
  • The interest rate
  • The type of loan – variable or fixed?*
  • The length or ‘term’ of your loan
  • Your repayment frequency (eg fortnightly or monthly)
  • Whether you’re making ‘principal and interest’ or ‘interest only’ repayments.

*A variable rate loan means payments go up and down depending on the Australian interest rate. A fixed rate loan means your repayments are fixed for a certain period of time

How much can I borrow?

We believe it’s less about how much you can borrow and more about how much you can comfortably repay each week, fortnight or month. So we need to look at your income and your expenses, factoring in potential interest rate rises. Then we can tell how you’ll go making mortgage repayments if a rate rise happens.

Mortgage lenders calculate your borrowing capacity by reviewing your income and expenses. They consider any other debt, such as car loans, personal loans and credit card repayments.

Lenders need to be confident you can make your regular home loan repayments so any existing debts you have reduce your total borrowing capacity.

To get a better picture of your financial situation circumstances, our in-house team at Snap Finance will determine how much you can borrow and what home loans you qualify for.

How do I organise my finance?

At WOW Homes, our goal is to find you best home loan for your needs. Our finance specialists are here to help so you choose the right option. We do it all.

Here’s how we do it:
  • Our construction finance specialists guide you through building your first home.
  • Because the market, rates, home loan products and features can be overwhelming, we make it easy to understand without all the jargon.
  • We do our homework, comparing offers from over 25 lenders to find you the right home loan.
  • We take care of the finance application, make sure you receive the government grants you’re entitled to, provide settlement support and arrange all insurances. We make sure everything goes smoothly from start to finish.
  • As we are paid a commission from the lender, we charge you nothing! WOW!

What are Keystart Loans and how do they work?

Keystart Home Loans offer low deposit home loan options for first and subsequent homebuyers in Western Australia who might be unable to meet the deposit requirements of mainstream lenders.

A Keystart Home Loan is only available to people who will become owner occupiers and is designed for people likely to be renting or trying to save a deposit. To be eligible for a Keystart loan all you need is a 2% deposit.

Another huge benefit; a Keystart Loan doesn’t require mortgage insurance, so you could be saving up to $15,000 and keeping your loan repayments down. If you’re building, you only need to pay $50 per week over the construction period; although it is recommended that you pay as much as you can afford because the interest will capitalise each month.

Keystart Home Loans accept credit defaults in certain circumstances, so if you have a default on your credit file, you may still be able to get a loan.

Home loans are provided in the Perth metro area and in regional WA. Eligibility criteria must be met in order to apply for a Keystart home loan. They consider your income bracket (which varies for singles, couples and families) and the financial commitments you already have. The purchase price of your home or home and land package is limited, so be sure to get some information from a specialist to see if you qualify for Keystart.

Do I pay during the construction of my home and when do I pay?

Your HIA Building Contract includes five progress payments during the course of construction. You will need to authorise the release of these payments from your bank/lender to WOW Homes at each stage.

The five progress stages are:
  1. Slab – Your slab has been laid
  2. Plate high – Brickwork is complete
  3. Roof cover – Roof Cover is complete
  4. Lock up – Your home reaches lock-up stage
  5. Practical completion – before you receive your keys

Am I eligible for the First Home Owner Grant and how do I claim it?

The First Home Owner Grant (FHOG) is a financial incentive offered to first homeowners by the West Australian Government. The FHOG is available to all Western Australians, as long as they have never owned a home before. First home owners are eligible for up to $10,000 as part of the State Government’s First Home Owner Grant.

This means eligible first home buyers who enter into a contract to purchase or construct a new home will receive a boost. The first home buyer grant is a great way to get one step closer to your first home.

There are a number of criteria that make you eligible for the First Home Owner Grant:

  • Be aged 18 years or older
  • Be an Australian citizen or permanent resident
  • Never have received a FHOG under this scheme before
  • Never have owned a residential property anywhere in Australia
  • You must occupy the home as your primary place of residence for a continuous period of 6 months within 1 year of completion of the FHOG transaction.

Your WOW House & Land Specialist representative can tell you if you qualify.

Don’t forget to look at our promotions on offer too because you might be eligible for our Triple the Grant™ offer! WOW!

More Questions?

Contact Us