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Your Off The Plan Purchase And Finances

Vanessa Bozinoska

Purchasing a home off the plan can be advantageous in terms of the savings on stamp duty. It is possible to purchase your home at a price generally less than market value and have sufficient time to save additional funds after having entered the contract.

However, with extensive sunset clauses, it is important that your finances are in order.

Here are three tips to set you up for financial success – 

  1. Ensure you have a sufficient deposit by the time settlement approaches. You need to be confident that you will have adequate funds to proceed with the purchase in the event that your lender’s valuation of the property is lower than expected.
  2. Keep in contact with your lender. If your property has not settled when anticipated, contact your lender to update them on your financial circumstance to renew your application so that you are in a position to settle within a short time frame.
  3. Create a comprehensive budget for your new home. Account for the purchase price, stamp duty, registration fees legal costs, bank fees and adjustments for council and water rates.

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Our Insights + Case Studies provide information and advice that is general in nature and readers should seek tailored professional legal and financial advice before making any decisions.