Hi
I am interested in some off-the-plan new house now, what's the procedure of this kind house purchase?
Thank you
Jian
Queries about off-the-plan house purchase!
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- Posts: 9
- Joined: Mon Sep 28, 2009 1:51 pm
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
- Contact:
Re: Queries about off-the-plan house purchase!
Hi Jian,
We'd just like to clarify exactly what you are after. Which one are you looking to buy:
* A house that has not yet been built that you will purchase when the developer has completed construction.
* A house and land package where you buy the land and pay for the construction of the house using a construction loan.
* A house that is brand new that has already been completed and is ready for you to buy.
We need to clarify this because there are several types of purchaes that many people refer to as off the plan.
Thanks
We'd just like to clarify exactly what you are after. Which one are you looking to buy:
* A house that has not yet been built that you will purchase when the developer has completed construction.
* A house and land package where you buy the land and pay for the construction of the house using a construction loan.
* A house that is brand new that has already been completed and is ready for you to buy.
We need to clarify this because there are several types of purchaes that many people refer to as off the plan.
Thanks
-
- Posts: 9
- Joined: Mon Sep 28, 2009 1:51 pm
Re: Queries about off-the-plan house purchase!
I am talking about the house&Land Package, and house construction has not been started yet!
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
- Contact:
Re: Queries about off-the-plan house purchase!
Ok so if you buy the land and have a contract with a builder to build the home then this is considered to be a normal construction loan and does not have to meet the off the plan criteria that most lenders normally have.
For house and land packages you can often borrow 90% of the property value or 95% in rare cases.
For house and land packages you can often borrow 90% of the property value or 95% in rare cases.