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A newly construct home takes time takes time

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J c | 28 Apr 2013, 05:07 PM Agree 0
Hi , I just put down a holding deposit for a block of land and intend to build my first home there.
in the land sales ad.,, it states "title available in September " q1) whats does it mean?2)plus when i would need to have my finance done and pay the balance ?(cos what happen is that my mortgage banker was on holiday until next week)
Say like the house takes 8 months to build , during the time if I purchase a second house for investment purpose ,q3) will I still eligible for the first home buy grant ?

Thank you

First home buyer
  • Eos Property | 28 May 2013, 09:17 PM Agree 0
    Hi FHB,

    Titles available in September suggests, to me, that the block you are buying is currently in the sub-division stage and the sub-division will not be finished until then.

    If you are buying the block and then building a house on it you will need to be in position to settle when the titles do become available. Typically you may have anywhere between 14 - 28 days to make final payment for your block of land. Your purchasing contract will explicitly state your contractual obligations.

    Given settlement is some time off there is no need for you to worry about your brokers holidays at this point in time.

    You will need to check the fine print on the FHOG documentation. In recent years it was possible for someone to own an investment property (never having lived in it) and still qualify for the FHOG. In fact it is a requirement of the FHOG that you do move into the property, usually within the first 12 months of ownership.

    I would recommend you get this first property completed and sorted before looking at another property. Building a house can be stressful due to delays etc. Let this property finalise itself and then look elsewhere.
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