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Writer's pictureShaun Chaudhry
Apr 12, 20242 min read

"Things You Need to Know About Buying Off The Plan"

🏢 Thinking about buying off the plan? Here's what you need to know:


  • Your building company dictates construction and features, limiting your input on the property's appearance.

  • The contract price is for the final product, rather than paying in instalments.

  • Stamp duty is calculated on the full contract price at settlement.

  • You might be eligible for significant government grants, which we can explore for you.


Buying property off the plan can be an exciting venture, offering the promise of a brand-new home tailored to your preferences. However, it's essential to understand the complexities involved in this type of purchase to make informed decisions. Here are some key points to consider:


Limited Input on Construction and Features:

When purchasing off the plan, the building company typically has the authority to dictate the construction and features of the property. While you may have some input during the initial stages, ultimately, the final design and specifications are determined by the developer. It's essential to carefully review the plans and specifications provided to ensure they align with your expectations.


Contract Price for the Final Product:

Unlike traditional property purchases where you pay for construction in instalments, the contract price for off-the-plan properties is usually for the final product. This means that you're committing to a fixed price for the property, regardless of any changes or delays that may occur during construction. It's crucial to understand the payment terms outlined in the contract and ensure you're comfortable with the financial commitment involved.


Stamp Duty Considerations:

When you settle on the purchase of an off-the-plan property, you'll be required to pay stamp duty on the full contract price. This can result in higher upfront costs compared to buying an established property, where stamp duty is typically calculated based on the purchase price. It's important to factor this into your budget when considering off-the-plan purchases.


Government Grants and Incentives:

Despite the potential challenges, there are also opportunities for significant savings when purchasing off the plan. Many governments offer grants and incentives to encourage property development and homeownership. These can include grants for first-home buyers, stamp duty concessions, and other financial assistance programs. It's worth exploring these options to see if you may be eligible for any additional benefits.


Navigating the process of buying off the plan can be complex, but with the right guidance and expertise, it can also be a rewarding investment opportunity. As experienced mortgage brokers, we can help you understand the intricacies of off-the-plan purchases and guide you through the process from start to finish. Whether you're a first-time buyer or an experienced investor, we're here to provide tailored advice and support to ensure you make informed decisions.

If you're considering buying off the plan, don't hesitate to reach out to us. We'd love to discuss your options, answer any questions you may have, and help you navigate the exciting journey of purchasing a new property.


For personalized advice on how mortgage offset accounts can tailor to your financial needs, contact Shaun at Proactive Lending Solutions:


📱 0424 513 740


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