New Pakenham house and land packages
Know this:
- Pakenham is a rapidly growing suburb on Melbourne's southeastern fringe.
- Situated 55 kilometres from the Melbourne CBD, Pakenham has a wide range of developers and home and land packages available to interested buyers.
- Other nearby suburbs also worth checking out include Officer and Beaconsfield.
Melbourne's southeast has long been a destination for families and new home buyers seeking affordable blocks of land on which to build their dream home.
As the outer southeastern edge of Melbourne, Pakenham has excellent access to rural lifestyle amenities beyond as well as great access to other parts of Melbourne.
New house and land packages are common in Pakenham with several developers active in the area offering them.
Buyers also have a wide range of home designs for their houses with several display villages and architects located in the area.
We aim to make your home buying journey as easy as possible and one way we can do that is by putting you in touch with agents and other qualified sales professionals sooner.
If you would like refine your search, such as searching for a site that can hold a larger house, you can use the filters available at the top of this page.
When you get in contact with an agent be sure to discuss any sale requirements you have, such as what type of available land packages for sale the developer or agent has on offer.
What is a house and land package?
There are broadly two types of house and land packages: Turnkey and Standard.
A turnkey house and land package is where a developer sells you a piece of land, builds a house and at the end of that process, hands you a key.
You literally turn the key in the door and the home is yours. This process generally has several involved meetings with the developer before construction begins so they can take into account any preferences you have.
Note: while developers will offer some choices - like colour schemes, flooring types, appliances (and prices will reflect those options), turnkey solutions are designed to keep costs to a minimum and as a result there is, broadly speaking, less choice in how you want your new home to be presented.
Standard house and land packages are more involved and at a high level, they involve you purchasing the land like any normal real estate transaction (with or without a mortgage) and then you can build the house at a later date.
This gives you a lot more options in how you want your new home to look and feel - you can customise a lot more - however you, as the buyer, are more involved with the construction and you need to manage more during the life of purchasing.
Financing
Always seek professional advice on securing financing for your property purchase.
Financing for house and land packages can differ depending on the type of package you intend to purchase.
For turnkey house and land packages, the purchase price tends to be fixed and, broadly speaking, the loan you will need to qualify for will generally be a normal home loan - complete with requirements to have a 20% deposit before being subject to LMI.
For standard house and land packages, you will, broadly speaking, deal with two different loans. Firstly, you have to purchase the land and this is where you will, generally speaking, need to have a 20% deposit in order to not be levied with LMI.
Secondly, your financial provider will supply you with a ‘construction loan’ that you draw down on as you pay contractors at different stages of the home’s construction.
This advice is high-level in nature and always consult a mortgage broker or broker at a bank to get tailored advice that best suits your budget.
We aim to make things easier for you to find your new home here at Urban.
Be sure to refine your search in order to find projects that best suit your requirements.
If you register your details on the form provided on any of the listings you see on this page, it will enable us to connect you with an agent or other qualified sales professional sooner.