Wy Yung Acres*

A semi-rural lifestyle subdivision is a residential development located in a rural area, offering larger lot sizes and a more peaceful, countryside living experience compared to urban or suburban developments.

Buying a land package at Wy Yung Acres ("WYA") offers many advantages that appeal to
small acreage homebuyers. Here are some key benefits to consider -:

1. Customization: House and land packages often allow buyers to customize their home to suit their preferences and lifestyle. From choosing the floor plan and finishes to selecting the fixtures and fittings, buyers have the opportunity to create a home that reflects their individual tastes and needs.
2. New Construction: One of the significant benefits of buying a house and land package is that the home is brand new. This means everything from the structure to the appliances is under warranty, reducing the likelihood of major repairs or maintenance issues in the near future.
3. Modern Features and Energy Efficient Design: New homes are built to current building codes including a build-cost effective – 12.5 BAL rating standard. New homes incorporate the latest design trends and smart technology. This includes energy-efficient appliances and home energy star ratings, smart home systems, open floor plans, and sustainable materials, providing a more comfortable and convenient living experience.
4. Financial Incentives: Builders may offer incentives or promotions to attract buyers to their house designs. These incentives could include discounted pricing, upgrades, or assistance with financing, making the purchase more affordable and providing additional value to the buyer. Particularly attractive for WYA's sea-change and tree-change buyers
5. Low Maintenance: New homes require less maintenance compared to older properties. With everything brand new and under warranty, homeowners can enjoy peace of mind knowing that their home is in excellent condition and unlikely to require major repairs or upgrades in the near future.
6. Location Choice: WYA's land packages are available in all current Stage release lots This allows buyers to choose a site location that suits their lifestyle, whether they prefer a North facing mountain views, coastal perspective or even east &/or west orientations.
7. First Home Buyer Benefits: In Gippsland East first home buyers may be eligible for regional government grants, incentives and stamp duty concessions when purchasing a land package as your principal place of residence ("PPR"). Collectively, all these financial benefits can help make homeownership more attainable for those entering the property market for the first time.
8. Potential for Capital Growth: Buying a new land package in our developing Wy Yung precinct offers potential for capital growth over time. As the surrounding community grows and amenities improve, property values invariably increase, providing a solid investment opportunity for buyers. In summary, the best lifestyle investment your family will always thank you for.

Overall, buying a WYA land package offers the opportunity to create a customized and
highly personalised low-maintenance family home in a desirable semi-rural location, with
the potential for long-term living and financial benefits.

Important considerations include lot size, topography, views, proximity to nearby amenities, access to utilities, zoning regulations, and potential for future development or resale value.

Financing for a house and land package typically involves several steps and considerations. Here's how it generally works:

1. Pre-Approval: Before starting your search for a WYA land package, it's advisable to obtain pre-approval for a home loan from a lender. Pre-approval involves submitting your financial information to a Broker or lender who will assess your borrowing capacity and provide you with a conditional approval for a loan amount.
   
   At WYA we have an aligned finance broker who will assess your borrowing capacity at no
   cost to you.
2. Research and Selection: Once you're "pre-approved" for a loan, you can begin researching our various WYA Stage releases to establish which land package suit your budget, preferences, location and house orientation requirements.
   
   Our Head of Land Sales Barry will gladly impart his wisdom on the many homes he's built and equally align you to a selection of builders for you to conduct your individual due diligence so as to fully explore all your available option.
3. Contract and Deposit: Once you've discovered the right land package that meets your criteria, you'll concurrently enter into a contract to purchase the land from the Developer and also a build contract with the preferred Builder.
   
   The land contract is straight forward and the build contract will outline all terms, including the build price, payment schedule, and any included features or upgrades.
   
   You'll be required to pay an initial deposit upfront, which is usually a percentage of the total build price.
4. Progress Payments: During the construction process, you'll make progress payments to the builder at various stages of completion. These payments are outlined in the contract and are based on milestones such as initial full deposit payment, site preparation, foundation pouring, framing, internal fixing (lock up) and completion of the home.
5. Final Approval and Settlement: Once the construction is complete, the lender will conduct a final inspection of the property to ensure it meets their lending criteria.
   
   Assuming everything is in order, the lender will sign off for the final progress installment balance for the loan, and you'll proceed to settlement. At settlement, this remaining balance of the purchase price is paid to the builder and legal ownership of the property is transferred to you.
6. Repayment: After settlement, you'll begin making regular repayments on your home loan, which will include both principal and interest. The repayment amount will depend on factors such as the loan amount, interest rate, and loan term.
7. Additional Costs: In addition to the purchase price and loan repayments, there may be other costs associated with buying a WYA land package. These include stamp duty, legal fees, loan establishment fees, building inspection fees, and ongoing expenses such as the East Gippsland Shirer Council ("EGSC") council rates and ongoing utilities.

It's essential to carefully review all contracts and agreements, seek professional independent advice when needed, and budget for all associated costs to ensure a smooth and successful financing process for your land and home package.

The duration of the new home journey can vary depending on various factors such as the complexity of your project, the builder’s schedule, local regulations, and the availability of materials. However, here’s a general timeline for the typical stages involved in buying your acreage land parcel and building a new dream home:

1. LAND purchase – settlement typically within 30 to 90days (Up to 3 months):
   • Research and Planning: This stage involves researching builders, selecting a suitable house design, and choosing a lot.
   • Financing: Obtaining pre-approval for a home loan and finalizing financing arrangements.
   • Design and Customization: Working with the builder to customize the house design, choose finishes, and finalize the plans.
2. Pre-Construction Phase (1-3 months):
   • Research and Planning: This stage involves researching locally aligned WYA project builders, selecting a suitable house design, and choosing a lot.
   • Financing: Obtaining pre-approval for a home loan and finalizing financing arrangements. Once again WYA have a specialist Broker to assist you here.
   • Design and Customization: Working with the builder to customize the house design, choose finishes, and finalize the plans.
   • Fortunately, WYA has a very low BAL rating (12.5) = construction savings!
   • Lodgement of plans to obtain a building permit to commence construction.
3. Construction Phase (typically 6-12 months):
   • Site Preparation: Clearing the lot, grading the land, and preparing the site for construction.
   • Foundation: Pouring the foundation and laying the groundwork for the
     structure.
   • Framing: Constructing the framework of the house, including walls, floors, and roof.
   • Exterior Finishing: Installing windows, doors, siding, and roofing.
   • Interior Finishing: Completing interior work such as insulation, drywall,
     flooring, cabinetry, and fixtures.
   • Utilities: Installing plumbing, electrical wiring, heating, ventilation, and air conditioning systems.
   • Inspections: Conducting inspections at various stages of construction to ensure compliance with building codes and quality standards.
   • Final Touches: Adding final touches such as painting, landscaping, and
     finishing touches.
4. Construction Phase (typically 6-12 months):
   • Final Inspections: Conducting final inspections to ensure the home meets all regulatory requirements and quality standards.
   • Completing the final instalment closing process, including finalizing loan
     documents, transferring ownership, and making the final payment to the
     builder.
   • Move-In: Moving into the new home and completing any remaining tasks.

It's essential to carefully review all contracts and agreements, seek professional independent advice when needed, and budget for all associated costs to ensure a smooth and successful financing process for your land and home package.

When buying a lot in Wy Yung Acres or any other subdivision, there are various fees and expenses to consider. These include:

1. Purchase Price: The cost of the lot itself, which can vary depending on factors such as location, meterage size, positional orientation and view lines.
2. Stamp Duty: A tax imposed by the State government on property transactions, calculated as a percentage of the purchase price. The amount of stamp duty varies depending on the value of the property.
3. Legal Fees: Fees paid to a solicitor or conveyancer for handling the legal aspects of the property purchase, including title searches, contract review, and settlement procedures.
4. Land Transfer Fees: Fees associated with transferring legal ownership of the property from the seller to the buyer, which include registration and transfer taxes.
5. Loan Fees: If financing the purchase with a mortgage, there are fees associated with the loan, such as loan origination fees, application fees, and valuation fees.
6. Site Survey Fees: Costs associated with surveying the property boundaries and determining its build area size and dimensions.
7. Local Utilities Connection Fees: Fees charged by local utility companies for connecting services such as water, electricity and NBN internet to the property.
8. Building Permits and Approvals: Fees associated with obtaining permits and approvals from local authorities for construction, including planning permits, building permits, and inspection fees.
9. Site Preparation Costs: Depending on the lot topography, there may be additional costs for site preparation, such as clearing vegetation, grading the land, and installing drainage systems.

It’s essential to budget for these fees and expenses when considering the purchase of a lot in Wy Yung Acres or any other semi-rural subdivision. Working with a qualified local real estate agent, Buyers Advocate or a financial advisor can help ensure that you understand all the costs involved and make informed decisions about your investment.