Frequently Asked Questions
The only silly question is the one that you don’t ask. We have put together a list of the most frequently asked questions that we are asked by our clients.
If you have a specific question that isn’t answered in our list, please reach out and one of our helpful team members will be in touch.
A WOW Homes House & 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!
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!
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!
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
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.
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, and our in-house finance team will compare offers from over 25 lenders to find you the right home loan based on your situation.
- 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.
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.
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.
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:
- Slab – Your slab has been laid
- Plate high – Brickwork is complete
- Roof cover – Roof Cover is complete
- Lock up – Your home reaches lock-up stage
- Practical completion – before you receive your keys
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!
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