FAQs

  • How much deposit will I need to buy off the plan?

    Most off the plan developments will typically require a 10% deposit to secure the property. The deposit can be paid in a number of ways including cash, bank guarantee or in some cases a deposit bond. For more information on purchasing an off the plan property contact our project marketing team.

  • Can I use a deposit bond?

    A deposit bond is a certificate/insurance policy that is issued to the developer, which acts as a guarantee to the developer in the event the buyer fails to pay for the property at completion the deposit will be transferred to the developer. Some developers have restrictions on deposit bonds and you will need to check with each individual project if they will accept a deposit bond. Deposit bonds are only available to buyers who own existing property, or in the case of first home buyer purchasing with assistance from parents a deposit bond can be secured against parent’s property. For more information on purchasing an off the plan property contact our project marketing team.

  • What are the benefits to buying off the plan?

    Buying your home off the plan offers a number of benefits which are not available when purchasing a used home. Some of these benefits include savings on stamp duty, savings in the first few years on repairs and maintenance costs, lower power costs with the installation of energy efficient appliances and depreciation benefits for investors. With a fixed price at the time of purchase, buyers can take advantage of any possible uplift in the market during the construction timeframe. The extended timeframe to completion can also provide an opportunity for buyers to save more and borrow less therefore lowering mortgage repayments. For more information on purchasing an off the plan property contact our project marketing team.

  • What are the risks associated with buying off the plan?

    As with any property purchase there are always a number of risks involved when buying off the plan. Some of the most common risks include an extension of the completion date from the original timeframe causing inconvenience to buyers, in some cases there can be variations in the size, design and finishes involved in the project. Changes in market conditions can also impact the value of your property between contract signing date and completion date. If the property market is falling, you could be faced with paying more for your property than what it is currently worth. For more information on purchasing an off the plan property contact our project marketing team.

  • Will my apartment look the same as the display or brochure?

    It is important to keep in mind that your finished property will not exactly match what you saw in the brochure or the display suite. The images in the brochure are based on an artist impression and the display suite is set up to showcase the different finishes. Because there are many different configurations and apartment types, you will need to check with the sales agent about the specific size, configuration and finishes for the apartment you are interested in. You can request a schedule of finishes available and check on how accurately the kitchen, bathroom and bedroom dimensions and layout on display match the apartment you are buying. You should rely solely on the information within the contract for sale as these set out the sizes and inclusions which have been agreed upon between you and the developer (vendor). For more information on purchasing an off the plan property contact our project marketing team.

  • When will the building be finished?

    The development contract will usually include an estimated time for the developer to complete the project (the sunset date). The developer has some flexibility to extend or alter these time frames whilst taking all reasonable steps to complete the project as quickly as possible. If the developer cannot complete the project by the sunset date, then the purchaser may be able to can terminate the contract. In those circumstances, the deposit is refunded to the purchaser. For more information on purchasing an off the plan property contact our project marketing team.

  • When do I need to make purchase payments?

    When you are buying off the plan you will need to pay a 10% deposit when you sign the contract and it has exchanged, the balance is then due on completion. For more information on purchasing an off the plan property contact our project marketing team.

  • Will my deposit be secure in the event of something happening to the developer?

    Your deposit will be held in the vendor’s solicitors or real estate agents trust account until the project is finished or the registration/ sunset period has expired. This ensures your deposit is fully protected. For more information on purchasing an off the plan property contact our project marketing team.

  • What is the sunset clause or registration period?

    A sunset clause is a section in the sales contract that outlines the maximum amount of time the developer has to complete construction of the project. If the builder has not completed construction by this date the purchaser may be entitled to legally walk away from the purchase. In the event of the developer not completing the project by the date of the sunset clause, the purchaser’s deposit can be returned. For more information on purchasing an off the plan property contact our project marketing team.

  • How much are the strata fees?

    When you purchase an apartment, townhouse, villa or duplex you also need to factor in the strata fees. Strata fees/ levies apply to all strata plan properties and are paid by the owner of a lot in a strata plan to the Owners Corporation for the management and upkeep of the building and common property. Levies are normally payable quarterly and the cost varies depending on the facilities and the number of properties in the development contributing towards its upkeep. The Sales agent for the development will be able to provide you with a schedule of the estimated strata fees for each lot which will give you a breakdown of management and maintenance costs. For more information on purchasing an off the plan property contact our project marketing team.

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