FAQs

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• What is buying off the plan?

  Off the plan buying means that the street and lot you are buying usually isn’t developed and finished yet. If you are buying an apartment off the plan then usually this isn’t finished yet and may not have even started construction. You will sign an Offer & Acceptance Contract and wait for the lot or building to be constructed and titled before settlement takes place.

• How much can I afford?

  It is best to sit down and do a budget so you can figure out how much you can afford each week, fortnight or month. Consider all your current expenses and income and how manageable the repayments will be for you.
  Visit our Calculators page to work out how much you can borrow and your repayments.

• Am I eligible for the First Home Owners Grant?

  If you are buying or building your first home you may eligible. The grant for stamp duty concession goes on a scale of how much you buy for and if building a house, your grant is only given to you once your build has commenced. You will need to apply to the Department of Finance for your first First Home Owners Grant and the Office of State Revenue for your First Home Owners Rate of Duty (your bank and or finance broker will be able to assist you with this).

  For further information visit our Information Packs page and download the First Home Buyers Information Pack.

• How much money do I need for “Genuine Savings” for the bank?

  The more money you save the better your chances of securing a home loan. Majority of banks will require anywhere from a 5 – 20% deposit and proof of genuine savings over a period of time.

• What is titled land & untitled land?

  Titled Land – this is land that holds a Certificate of Title to it which is registered at Landgate (Government Department). When a development begins there is usually only 1 title for all the properties within the subdivision. The land is then separately titled so each property has it’s own separate Certificate of Title which shows land details and the owners names.

  Untitled Land – this is land that holds usually 1 title for all the properties within a subdivision. Until it is separately titled so each property has it’s own separate Certificate of Title it is labelled as “Untitled”. You can not settle on untitled land and only can settle once the separate Certificate of Title for your property has issued from Landgate (Government Department).

• What is the settlement?

  The settlement is the process of changing the names of the property from the sellers names to the buyers names. In the time leading up to the settlement necessary documents are prepared and executed to make this change which are then presented at settlement. The local council, water corporation, office of state of revenue and strata company (if applicable) are all notified in the change of ownership. Things such as your council rates, water rates and strata levies are all adjusted at settlement and paid up until the next billing cycle. Finally at settlement the seller is paid by the buyer and the property is transferred to the buyers. A settlement agent usually carries out the settlement process on your behalf.

• Why do I need a Settlement Agent?

  A settlement agent is the person who prepares all the necessary paperwork to transfer the property from the sellers names to the buyers names as per the Offer & Acceptance Contract. They will liase with the buyer, the sellers settlement agent, the bank, the broker, landgate, office of state revenue, local council, water corporation and strata manager to finalise the transfer of the property to the buyers names. Settlement agents are experts in their field and it is best to nominate a settlement agent as soon as possible.

• What happens once settlement goes through?

  Congratulations, you officially own a property! The title is now in the process of being transferred into your name and can take anywhere from 3 to 4 weeks to be transferred. Don’t worry though, a letter from your settlement agent confirming you are the new owner of the property is usually enough in the meantime to prove you’re the owner. If you’re building, you made need to provide this letter as proof the land is now owned by you.