guys just a quick question,
we are thinking of committing to a construction of a new home in sandhurst
the builder OWNs the land already, and it is titled,
he is offering us a FIXED price package on this, around 600K
terms are 5% deposit, payment on completion....we have the cash deposit and will not engage in a new loan until our current home is settled around december this year, he is saying without finance approval, we have to committ unconditionally, which i know is a risk, but with the equity in our current home finance is not going to be a problem
they are saying approx 10 months build time
which we are happy with...
the land is vacant and no construction has taken place yet
now, the issue i have is regarding stamp duty...
do we have to pay the stamp duty on the WHOLE package? or just the LAND component? as there is NO home on the land at time of signing the buildling contract.?
thanks for your help?