Browse Forums Building A New House Re: H&L vs purch. land then build 3Oct 20, 2008 10:04 am We went through a similar process, and in the end bought the land independantly for the following reasons
1. We could choose a block of land that suits us, not just the builder 2. We could negotiate the price of the land with the land seller 3. We only pay stampduty on the land cost, not the package price You really dont save any money buying the house and land package, unless they have a "deal" going, and a lot of builders will include the rebates for fencing etc if you ask them to. Just do your research, don't get pressured by a builder to sign anything just because of this grant. You may end up spending 14k more than you wanted to in the first place Built with Bentley homes in Doreen All moved in Dec 2009 Now for the garden! Our stuff so far viewtopic.php?f=31&t=16532 Re: H&L vs purch. land then build 4Oct 20, 2008 10:10 am Thanks guys this is good advice, I forgot about the stamp duty issue!
I may go to the developer and see what blocks are available and when they will get title.. We are wanting to purchase at Eynesbury, its beautiful and we have just fallen head over heels for it! My fiancee is a big golfer and the course there is fantastic, the whole place has a real country feel to it. It is 15 minutes past Caroline Springs, between Melton and Wydhamvale Re: H&L vs purch. land then build 5Oct 20, 2008 4:14 pm I'm pretty sure you only pay stamp duty on the land if you go for the H&L packages. Unless you buy off the plan where you purchase it at a stage where it's near handover. Then you would have to pay stamp duty on the whole price? Something like that. Idiots are fun, that's why there is one in every village! - Dr. House - First Home Melbourne, First Home Owners Grant $21000 $26000 6Oct 21, 2008 2:36 am Hi Arabella,
We do a few house and land package loans in Sydney but recently I got involved with one in Tarneit, Vic. I can say there are different ways you can do a house and land package and it certainly depends on who is marketing it and how. It is possible to have a delayed settlement on the land or settle first and start making interest repayments on it from the start while you are having your plans approved etc. The second option suits the land vendor and more costly for you as loan repayments while waiting for construction is likely to eat away the extra $7000 grant you get for construction (depending on how big the land loan is). Having said that, you are lucky in Melbourne as your land prices are lower and you get an extra grant from VIC government to help with stamp duty, even better if you are in regional Victoria. If I were you, I would ask a couple of questions to the sales person to understand how they propose the house and land is going to work. That way, you would save heart ache missing out on the increased grant due to delays. Simply ask "when is land settlement?" Check the front page of the contract and see what it says under the heading LAND between PURCHASER and PROPERTY ADDRESS, if it says "Lot X on plan of subdivision No. blah blah" then ask "when will the land be subdivided?" "When do you think we can sign the building contract?" Re: H&L vs purch. land then build 7Oct 22, 2008 12:41 pm Quote: I'm pretty sure you only pay stamp duty on the land if you go for the H&L packages Correct. If it is a package where the land sale goes thru separately you only pay stamp duty on price of the land. if it is one where you buy the completed (or almost completed: sometimes floor coverings, kitchen and such may be left so you can pick colours) then you pay stamp duty on whole lot. This is called a turn key package. Also re choices, this really depends on the builder: we bought a package but we could choose the plan, adjust the plan etc whereas some other builders won't even let you adjust anything. Each package is different and what is included and how flexible it is varies greatly. Also in our case land setttlement did not go thru until construction ready to start, contract had been signed and we had already done all our selections and variations, then slab was laid within days of land settlemnt, therefore interest was actually much less than it would of been if we'd bought a block and built on our own land. Can someone please offer some advice? Im DESPERATE. Because I'm completely and utterly exhausted. How long are variations taking with other companies at the moment? We… 0 18754 Thank you so much everyone. This all makes a lot of sense. I guess when you talk to a builder who butters up everything to look very polished, you get to start believing… 7 18307 Yeah I don't know why I came to a forum. Place is full of wierdos/pedos thought internet may help but I suppose I'll try my luck with someone in person. Cheers. I tried… 0 6545 |