Browse Forums Building A New House 1 Jul 19, 2021 8:48 pm Hi! We're in Victoria and looking to build for the first time. We aren't eligible for FHOG. We've been living in our area for a few years. Our kids go to school here and are part of the community so we really want to buy where we are. Looking at prices, it seems we might get better value if we build. We've seen a 'turnkey' package advertised, where the land is yet to title (listed for $580k). If we sign a contract to purchase this, does this mean we'll only have to pay stamp duty on the land as there's no house yet? Or do we pay full stamp duty on the final product? If we pay 10% deposit to the developer, will some banks consider this part of the deposit? Or would we also need to save 20% of the remaining price to act as the bank's deposit (and avoid LMI). Our other option is to buy a block of land - but with limited land left in our area, the cheapest of the blocks are now selling for $350k+. It's hard to see how this option would be better financially, as surely the cost of the build would add up to more than the turnkey option? We're quite happy with the basic turnkey fittings and fixtures, we're really just sick of renting and want to have our own place. Bit out of our depth, so any advice is appreciated! Hi All, see above image. The required setback from the rear boundary in my case is 5m, as you can see the shape of the site and location of the boundary is slightly… 0 8453 In NSW the maximum deposit for building work is 5% until the builder provides HBCF insurance 1 4822 I recently went through a similar renovation and move scenario when updating our family home. We also swapped some rooms around and tackled a major… 2 10040 |