Michael Bentley, Citylife International Realty
Buying off the plan in Australia means buying prior to construction.
Benefits include the ability to lock in at today’s prices. Another benefit is delayed settlement i.e. buyers are not required to settle or pay for their property in full until construction is completed and settlement has taken place.
This allows the buyer to arrange appropriate finance. Only a small deposit (10%) is required and the remainder is not due until building is complete.
There are also significant Australian depreciation and tax savings on new or off plan Australian property, and some cities offer stamp duty savings also.
You normally only need to pay a 10% deposit off the plan.
The deposit is held in a legislated trust account in Australia, usually by an Australian lawyer.
By law the deposit funds cannot be used by the developer until the property is completed, and final completion and settlement has taken place.
This often gives you up to 12-24 months or longer to maximise and organise your financial affairs.
"Michael Bentley has such a wealth of knowledge and wisdom concerning Australian property investment that one can never learn enough from him"
Alan T.
Colin and Elaine, Hong Kong, 2020
E
(c) Copyright Citylife International Realty. Privacy Policy and Terms of Use