Buying A House Off The Plan Victoria If you meet all of the FHOG eligibility criteria including the purchase price threshold i e the contract price for your property is 750 000 or less you will be eligible for the FHOG the first home buyer duty exemption or concession and the off the plan concession
CASE STUDY You purchase an off the plan home for 650 000 prior to construction commencing This property is going to be your primary place of residence After signing the contract you re informed the build cost will be 480 000 for your new apartment Your rights and responsibilities Menu options for Consumer Affairs Victoria Housing Renting buying and selling property building and renovating owners corporations retirement villages Buying off the plan Buying off the plan Seek expert advice on property Seek expert advice on property High risk property investments
Buying A House Off The Plan Victoria
Buying A House Off The Plan Victoria
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When buying an off the plan house you don t expect it straight away but there may be additional construction delays that drag it out from a six month to a 12 month wait or even longer Throughout the pandemic builders have struggled with shortages of supplies potentially affecting the estimated timeline for your home In theory buying off the plan means that you could pay a lot less for a property now than it s worth at the time you move in as property prices could increase significantly during the time it takes for the developer to build the home It s a fairly logical assumption given how property prices generally tend to go up over time
There are usually two ways you can do this Buying an apartment You will need to pay a deposit usually around 10 of the purchase price and no more than 10 in some states like Victoria up The term buying off the plan usually refers to purchasing a property that is not yet registered as a separate lot with the government department responsible for land title registrations Land Victoria or not yet built Buying off the plan can also refer to the purchase of a block of vacant land that is part of a subdivision or a house
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This means your current LVR is 80 i e your loan of 400 000 divided by the property value of 500 000 The property s value has gone up in value to 550 000 Even if you still need to borrow 400 000 your LVR will go 80 to around 73 This is because 400 000 is only 73 of the current property value tips on saving for a deposit First home buyer duty exemption or concession the dutiable value of your property after applying the off the plan concession cannot exceed 750 000 Principal place of residence concession the dutiable value of your property after applying the off the plan concession cannot exceed 550 000
The First Home Buyer Duty Exemption Concession or Reduction is aimed at helping first home buyers get on the property ladder by reducing or eliminating the cost of stamp duty on many homes If you re a first home buyer purchasing a home valued at 600 000 or less you could qualify for a full exemption from paying stamp duty Buying off the plan means entering into a contract to purchase a property before the property title is created and construction is complete or has even started This can include the sale of vacant land house and land packages and strata properties What are the Benefits of Buying off the plan Time to save Deposit Developer discounts
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https://www.sro.vic.gov.au/offtheplan
If you meet all of the FHOG eligibility criteria including the purchase price threshold i e the contract price for your property is 750 000 or less you will be eligible for the FHOG the first home buyer duty exemption or concession and the off the plan concession
https://www.urban.com.au/guides/off-the-plan-guide-2021-how-does-stamp-duty-work-in-victoria
CASE STUDY You purchase an off the plan home for 650 000 prior to construction commencing This property is going to be your primary place of residence After signing the contract you re informed the build cost will be 480 000 for your new apartment
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Buying A House Off The Plan Victoria - Find out more information about the off the plan concession on the government website Pensioner duty exemption or concession The government provides stamp duty relief for eligible pensioners You may be entitled to a one off exemption from duty if you buy a home valued at 330 000 or less or a one off concession from duty when you buy a home
