Buying off the plan

Mark Bryson - Sunday, September 28, 2014

Buying a new home off the plan means you purchase a property without the home building component being in place. This concept is not new but there are many advantages.

  • Large savings in stamp duty because you only pay tax on the land component not the home building.

  • Depending on the home building company chosen you could have varying amounts of input into the selection of the homes interior.

  • Your new homes facade input is not always possible due to council and developer guild line implications and approvals.

  • If the home is at the early stages of development your input would be easier.

  • The first home owners grant is now not available for existing homes and only applicable for new homes.

  • First home buyers can have the potential to save tens of thousands of dollars on their new home purchase. Currently the first home owners grant in Victoria is $10,000 and add the stamp duty savings.

Not only do you save money by buying your new home off the plan you have the potential to help design your new home.