Hi,
Were looking at buying a house+land package that requires us to purchase land + 5% deposit at the start, then stage based installment fees for the rest.
The problem is that I have been told by the bank that the FHOG will be paid at 'stage 2' and not when the contract is signed.
The FHOG was going to pay for land duty and other assosiated feed, but not it appears that I wont have it in time?
Building *should* start pretty soon after building (the builder owns the title which helps apparently?) so the delay shouldnt be too long.
But other then general feedback I have two main questions:
From the day the contract of sale/build is signed, how long do we have to pay those fees? (mortgage registration, land duty, etc.)
And are they correct that we will have to wait for the FHOG? How long after we are in the position to apply for it will we get it? EG we have to wait for stage 2, send it in the same day, how long would we expect to wait?
If the FHOG wont be there in time to pay for that stuff, it seems like the only option is a short term loan? I may be able to borrow the money short term from a family member, but personally I dont like borrowing from family.
Building in Victoria