Fran Jerome at Oliey Finance is a CPA-qualified mortgage broker serving Pakenham, Officer and the wider Cardinia Shire from Cranbourne. Most of his work here is with first home buyers and young families buying house and land packages, where the loan structure matters as much as the rate.
Building in Pakenham or Officer? The loan works differently
A land and build purchase is usually two contracts and a staged loan:
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Land settlement. You settle the land first, often months before construction starts.
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Construction loan. The lender pays your builder in stages (slab, frame, lock-up, fixing, completion), and you pay interest only on what's been drawn.
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Completion valuation. The lender values the finished home before the final payment.
The questions that matter: How long is the gap between land settlement and the build starting? Can you cover rent and loan repayments at the same time? What happens if the build runs late, or the builder asks for a variation? Fran works through these before you sign, not after.
First home buyer support in Pakenham and Officer
Depending on eligibility, first home buyers here may be able to combine:
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Australian Government 5% Deposit Scheme: a 5% deposit and no LMI, if the total land and build price is under the price cap for your location
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First Home Owner Grant: $10,000 for a new home valued up to $750,000
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Victorian stamp duty exemption or concession: no duty up to $600,000 dutiable value, a concession up to $750,000. On a land and build purchase, duty is usually paid on the land contract only, which can make a big difference
Sequencing these correctly with the right construction lender is where many buyers lose time or money. Not every lender handles construction loans the same way.
Getting around
Pakenham and Officer both sit on the Pakenham line, which now runs through the Metro Tunnel to the CBD, Parkville and St Kilda Road. For many buyers, that makes the area a realistic option for city and hospital commutes, not just a price decision.
Who Fran helps here
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First home buyers in Officer's new estates and Pakenham East
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Nurses, paramedics and police buying their first or second home
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Families upgrading from an established Pakenham home to a new build
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Owners whose fixed rate is ending and who want a better structure, not just a new rate
Frequently asked questions
Can I use the 5% Deposit Scheme on a house and land package in Officer? Potentially, yes. The scheme covers land with a separate building contract if the combined price and the lender's valuation are under the price cap. Not all participating lenders offer construction loans, so lender choice matters.
Do I pay stamp duty on the whole house and land price? On a separate land and build contract, duty is generally assessed on the land contract. First home buyer exemptions and concessions may reduce it further. Confirm your position with the State Revenue Office or your conveyancer.
What if my build costs go up? Variations usually need to be funded by you or approved by the lender as an increase. Keeping a cash buffer in an offset account is one way to plan for this.
Does Oliey Finance have an office in Pakenham? Oliey Finance is based in Cranbourne, about 25 minutes away, and meets Pakenham and Officer clients in person, by phone or online.
Talk to Fran
Building or buying in Pakenham or Officer? Book a free 30-minute strategy call: calendly.com/fran-oliey1/30min or call 0409 961 703. Ideally before you sign the land contract.
Fran Jerome | Credit Representative 442427 | Authorised under Finsure Finance & Insurance Pty Ltd | ACL 384704 | MFAA Member. General information only, not credit advice. Credit eligibility is subject to individual assessment. Government scheme criteria and figures can change; confirm current eligibility before you rely on them.