Sandarra, Sandhurst - Land deposit & payment.

Hi forum,

Just signed my land contract this morning with Sandarra, Sandhurst and have been told to pay a 10.00% deposit in 14 days which is fine but it's not clear when I pay the remainder 90%, is that on settlement or is that also payable in 14 days?? Just slightly confused as my pre-approval needs to be converted into an unconditional approval and may take longer than 14 days..!!!

Anyone who has bought a plot at Sandarra or had a similar situation can kindly advise ??

cheers

Hi, congrats on buying land. We are building just down the road at MW and it was deposit within 14 days and balance at settlement/titles. Is the block titled yet? if not, then you may not be required to pay the balance for quite a while if there are any delays.

Decided on a builder and house plan yet?

Firstly I can say hello future neighbour!!

We signed up for our Sandarra block in February. We paid the 10% in the 14 days as you will do and are waiting for the land titles to be released. We gave our mortgage person the copy of the contract and have our land loan approved and our building loan pre-approved.

The titles for our block are due in October (hopefully) so that is when the bank will pay the remaining balance and we will start paying our loan back

I hope this helps you

Hi guys and future neighbourino's,

Thanks for the prompt replies. I've been advised that the land will settle in Sep/Oct as I'm in stage 1, so that's when I'll pay the balance 90% I guess, is that right?

cheers

thats right.

congrats on the block. i didn't think there were any stage 1 blocks left

Hi again,

Sorry for my late response. I was lucky to get the last plot in Stage 1 release that was held up and as fate would have it, someone pulled out last minute and as the saying goes "One man's loss is another man's gain.." Titles I've now been told are end of October and hopefully all falls into place!

My building contract has been signed now and the building pre-approval will be changed to a formal approval soon.

The most frustrating part I faced in the whole process was going through an inexperienced Mortgage Broker at Mortgage Choice (who happens to be a friend) and thought I would be sweet but honestly it was rejection after rejection and drama after drama till I finally met my guardina angel saviour of mortgages from SmartLine Brokers...the lady was so experienced and friendly that everything was sorted out in a matter of days..honestly days!!! mortgage Choice had over 3 months and still couldn't get it right!

Talk Later.

cheers

Funny you should mention Mortgage Choice - we had an incompetent (and he wasn't a friend thank goodness !)

Our titles become effective 8th October (next Thursday) - but a query semi related - at which point does stamp duty get paid ? Is it to the bank at the same time we settle and ask for the balance ? Do we go to the bank or the conveyancer ? How many % is it ?

Hi PJ,

Yeah Mortgage Choice seem to have a knack for bad experiences!

If your lender has already approved your loan formally then they will pay the stamp duty on your behalf as part of your borrowed amount.e,g if the land cost you $190,000 then you will pay about 3.5% Stamp duty which is $6650 and if your laon was approved for 90% of the $190k which is $171,000 then your lender will pay the $6650 from this amount. Normally your lender will give you a loan offer document which will stipulate what they will pay on your behalf and then deposit the balance left into your loan account so you can pay the land vendors.

I hope that helps. Also what stage are you in?

G'Luck and catch yaz soon!

cheers

We're actually up the road at Marriott Waters, but had a strong interest in Sandarra prior to that.......wish I would've won the block given away by Eastlink a year or so ago - that would've solved ALL problems !