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OFF THE PLAN PROPERTIES

Date: 01/30/19 | Written by :Robert

IF you’re looking around for a start in the property market or looking for your first home, then look no further. You can receive a duty concession as a first-home owner buying an off-the-plan land and building package or a refurbished lot,up to the Value of $750,000.00. You must live in the property as your home if you sign your contract on or after 1st of July 2017.
From this date, the off-the-plan concession will only be relevant to determining dutiable value for the purpose of the PPR duty concession (Principal place of residence) the new first-home buyer duty exemption or the new first-home-buyer duty phase-in concession.
The off-the-plan concession deducts from the contract price of your home, the cost of construction or refurbishment which occurs on or after the contract date. This means that you pay duty only on the improved value of the land, the non-deductible costs and the completed construction or refurbishment including GST as at the contract date.
Typical construction will not have started or is incomplete at the date of the contract.
Off-the-plan land and building packages
Off-the-plan refurbished lot.
Go to offtheplanrealestate.com.au and have a browse through and survey what’s available in your price bracket by speaking to your bank or a broker.