How does it work?

Lower upfront costs

House & Land packages can be a good way to reduce upfront costs because:

• You only pay stamp duty on the land value and not the house
• HomeStart can lend up to 97% of the value of the house and land package to those who are eligible
• First house buyers could also be eligible for the $15,000^ First Home Owner Grant to put towards your deposit, fees and charges
• HomeStart does not charge Lender’s Mortgage Insurance (LMI), which could save you thousands on upfront costs.

Pay no loan repayments for 9 months or until your home is built, whichever comes first.

When you combine a HomeStart loan with a house and land package with Metro, you can choose not to make loan repayments for the first 9 months or until construction is complete, whichever comes first. This means you don’t need to cover loan repayments, as well as having to pay rent while you wait for your home to be built.

Fixed price and construction period

Metro will commit to a fixed price**, prior to approval of your loan of your new home, as well as committing to complete the build within a specified time. This means there will be no surprises, and you can stress less about hidden costs and delays in getting into your new home.

Less progress draws

There are normally 6 progress payments (drawdowns) for the work completed during the construction process. Each payment adds to the interest cost of the loan. When you combine a HomeStart loan with a house and land package by Metro, there are usually only 3 progress payments, which could save you thousands in interest.

Deferred Land Settlement

A major contributor to the overall cost of a house and land package is the period between settlement of the land, planning & council approval and the commencement of construction. When you combine a HomeStart loan with a house and land package with Metro, settlement of the land does not occur until all approvals are in place and commencement of construction has been scheduled.