Queries about off-the-plan house purchase!

Any general questions you might have in regards to loans and finance.
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hunterxiao911
Posts: 9
Joined: Mon Sep 28, 2009 1:51 pm

Queries about off-the-plan house purchase!

Post by hunterxiao911 »

Hi

I am interested in some off-the-plan new house now, what's the procedure of this kind house purchase?

Thank you

Jian

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Otto Dargan
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Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: Queries about off-the-plan house purchase!

Post by Otto Dargan »

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
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

hunterxiao911
Posts: 9
Joined: Mon Sep 28, 2009 1:51 pm

Re: Queries about off-the-plan house purchase!

Post by hunterxiao911 »

I am talking about the house&Land Package, and house construction has not been started yet!

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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!

Post by Otto Dargan »

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.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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