Browse Forums Building A New House Re: FHBG v The Settlement of the Land 4May 25, 2009 10:14 am Thanks Ames for replying.. Beebob, I have just spoken to the Victorian State Revenue Office (132161) regarding this issue. I was told that aslong as we sign the Building Contract before the September cut off, we will be fine. The only condition was that Building must commence within 26 weeks of the Building Contract sign off. So away we go. Re: FHBG v The Settlement of the Land 5May 25, 2009 10:17 am You can definately sign the contracts before the land has settled however in order to recieve the FHBG, the slab needs to be poured within 26 weeks of the contract signing so make sure you don't sign contracts if the site start they give you is more than 6 months from the day you sign. Hope that makes sense Re: FHBG v The Settlement of the Land 6May 25, 2009 11:12 am Okay so.. building contract, NOT land contract. So that means i can sign my land contract now, and make sure my building contract is signed by 1st july.. and i still will qualify for the VIC extra grant.. I wasn't sure if i sign my land contract this week if that means i missed out on the extra $7500... but if the SRO says its only building contract, then that's a relieve to know. I'm a little bit in the gray area about what they meant with settlement and land contract and bank finance etc. I have my land contract ready to sign, and then send to the bank. Noob-ish question, but why would land settlement takes a very long time? I understand everyone situation is different, mine is that i have 25% deposit and bank is going to finance 75% of it, not including FHOG. Now i'm scared somethign somewhere is going to ruin it for me. Or is this just nervousness over nothing? I am going to get my finance through ANZ, have been banking with them since i was a little kid. I really hope they don't fail me now and make it take forever to go through... *scared* Re: FHBG v The Settlement of the Land 7May 25, 2009 11:36 am novotel Okay so.. building contract, NOT land contract. So that means i can sign my land contract now, and make sure my building contract is signed by 1st july.. and i still will qualify for the VIC extra grant.. If you want the extra grant available, then you should sign your BUILDING contract AFTER July. You need to sign between July and September. novotel Noob-ish question, but why would land settlement takes a very long time? Land settlement usually takes a long time because people buy land off the plan, which means that roads, piping etc havent been done yet. And as you know, construction never runs smoothly and that's why people get delays, because the land is not ready for settlement. If your land has already titled, or there are no delays, there shouldnt be any delays. Banks can cause delays with your land settlement if they take forever to process your loan application or take a while to do your evaluation. hope that helps Idiots are fun, that's why there is one in every village! - Dr. House - Re: FHBG v The Settlement of the Land 8May 25, 2009 1:21 pm novotel Okay so.. building contract, NOT land contract. So that means i can sign my land contract now, and make sure my building contract is signed by 1st july.. and i still will qualify for the VIC extra grant.. Why would you sign your building contract BEFORE July 1st if you are in Victoria? The grant is going UP after July for a three month period. I think you need to go to the SRO site and do some reading. http://www.sro.vic.gov.au/sro/SROWebSite.nsf/index1.htm Re: FHBG v The Settlement of the Land 9May 25, 2009 2:29 pm I meant to say i plan to sign my building contract right on the 1st July to qualify for the bigger grant. That is if planned building contract is predicted to be ready by end of June. My builder did gave the OK if i want to hold it for a couple of days and sign it on the 1st july, or 2nd or 3rd. My concern was more on 'if i sign the land contract now', i was afraid about not qualifying for the grant. But apparently it doesn't matter because i've been enlighten that it is the building contract that SRO cares about. So yes, i will of course wait at least until the 1st July to sign my building contract. Re: FHBG v The Settlement of the Land 10May 25, 2009 3:01 pm Quote: A new release of land has just been announced. We have placed a hold on a particular block BUT settlement wont be until October. Hi Missy, Just be carefuly with this. Did they verbally say they will title the land in October or is it in your contract clause? For example in my situation. When i was purchasing the land, the land office said they will title the land this December 09. In the contract it states that they can take up to 18 months from the day of sale. (they will not tell you this) Ask your solicitor to confirm. Having said that i hope they honour the December title so i can get the FHOG otherwise iam also prepared for the worst case scenario. Good luck! JR Re: FHBG v The Settlement of the Land 11May 25, 2009 3:09 pm novotel I meant to say i plan to sign my building contract right on the 1st July to qualify for the bigger grant. That is if planned building contract is predicted to be ready by end of June. My builder did gave the OK if i want to hold it for a couple of days and sign it on the 1st july, or 2nd or 3rd. My concern was more on 'if i sign the land contract now', i was afraid about not qualifying for the grant. But apparently it doesn't matter because i've been enlighten that it is the building contract that SRO cares about. So yes, i will of course wait at least until the 1st July to sign my building contract. Good! I thought when you said "by 1st of July" you meant before the 1st. I was worried you were doing yourself out of some of the grant! Re: FHBG v The Settlement of the Land 12May 25, 2009 3:17 pm Hi Missy, We were in a similar position. We bought land in Nov last year, told it will be ready to settle by mar/april 09. so we signed our building contract in feb before our builder put their prices up. land settlement was delayed by two months, and m3tricon have upped the base price because the land did not settle within 30 days of signing the contract. they verbally told us it did not matter if it was late, but the contract stated differently and now we have to pay the price, which is a couple of grand OVER our budget! Make sure you ask what happens if your land doesnt settle within the timeframe your builder sets! Melissa Re: FHBG v The Settlement of the Land 13May 25, 2009 4:26 pm just be careful with leaving the contract signing until the 1st of July 2009 as the legislation has not yet been passed here in vic to allow that to go ahead as the opposition is trying to fight it. if you sign into a contract before or on the 30th of June you get $20 something depending on whether you are regional or metro but if you wait and the legislation is passed then you get and extra $11,000. it is only the building contract that has to be signed and like the other guys have said it needs to be within a certain time frame that the slab is layed and then a certain time in which the building must be completed by to be eligible for the home buyers grant. if you go onto the sro site it lists all the amounts and has a small explanation about the home buyers grant that is running from July to September Emily and James.....Building with J G King Caraway 145- Our Beautiful First Little Home Site Cut Started on 13th of October 2009 Re: FHBG v The Settlement of the Land 14May 25, 2009 4:28 pm Hi all, This is my first post ladies and gents and a big thank you to everyone – you have provided me with endless sleepless nights trawling through page after page of posts. All good stuff though and it has more than opened my eyes to the whole buying land and building process – exciting yet very, very daunting. I’m glad to hear there are others in the same boat as me and the leader of the opposition. Here’s our story. We have put down a holding deposit on a block in the north of Melb and the land agent is saying that title won’t be available until January ’10. If we sign a contract with the builder at the latest in September (in order to get in for the FHOG ‘boost’ of $14,000) then we have 26 weeks in which to start pouring the slab. Having chatted with my conveyancer he says to allow at least another month or two for delays and given that they’ll likely lodge the plan of subdivision come the end of the year you have to take into account that its over the Christmas period and the first to shut up shop for the break is local govt (god bless em). JayR is bang on the money too in that the land contract states that it can take up to 18 months from the date of sale. Having been in contact with the SRO this morning (twice, by the way, the first chappy was less than helpful) my understanding now is that if we were to sign by the end of September and the title gets delayed and we go over the 26-week period we will lose out on the $14,000 boost. BUT we would still be eligible for the FHOG ($7000) and FHOG Bonus ($11,000 – which was announced the state budget recently) as there is no specified time. I asked if they had it in writing but surprisingly (or rather not surprisingly) they didn’t have it and nowhere on the website does it state that either. Is my logic right or is my brain so muddled that I'm way off the mark? On the Sainters - nine from nine, let the slide begin... Re: FHBG v The Settlement of the Land 15May 25, 2009 5:15 pm Hi Gehrig'sMullet and welcome to the forum!! With regards to the grant, if you sign end of September, you've got until end of March '10 to lay a slab down. Hopefully your land does not get delayed due to council approvals, increment weather or sheer laziness on the developer's behalf!! I bought my land back in March 08 off the plan, when I first bought the land, they said that it would settle Feb 09. After numerous delays, we are expecting the land to settle August 09, so it's been a delay of 6 months. Some estates have shorter delays, some are longer, just depends really. You are right in thinking if you do not lay a slab by March '10, instead of getting the $32k, you will get $18k. Altho not as much, it's still better than nothing! When I was calling the SRO heaps the first time the boost got announced back in Oct 08, i was told that if you dont pour a slab by 26 weeks, you can still write to them asking for an extension. If the delays were not directly due to you and is unforseenable, you might still be eligible for the extra grant. But I was told that each case is looked at as a case by case and there are no guarantees that it would be approved. But if you've missed the boat, there is no harm is trying right? Good luck with everything Idiots are fun, that's why there is one in every village! - Dr. House - Re: FHBG v The Settlement of the Land 16May 25, 2009 7:17 pm well that's risky....... i just got back from the solicitors office with the contract in hand, going to read through all these thick pages of text brick. My solicitor confirmed with the developer that the land should titled and settled by june 28th. i don't know if i can take his word for it but i hope so. and yeah the reason i still aim for the 30th june or 1st july for the building contract is just in case it didn't go through. My plan is to have all contract with me by 29th june so that way i have 2 days to hold on to it just in case of the above. But of course, i have a feeling the land will not settle by then.....i hope it does. I see some contract says subject to finance and also subject to me getting a house, and subject to receiving FHOG in any of those variation, but this one actually doesn't even let me put subject to finance. anyway, going to go back to reading the block of text. Re: FHBG v The Settlement of the Land 17May 25, 2009 7:28 pm Thanks for the reply wonderland, glad to hear I wasn't completely off the mark. Great photo too! I know you have probably gone over this before in other threads but what were the issues that caused the delays? Fingers crossed for August eh... cheers The Mullet Re: FHBG v The Settlement of the Land 18May 26, 2009 10:59 am Gehrig'sMullet Thanks for the reply wonderland, glad to hear I wasn't completely off the mark. Great photo too! I know you have probably gone over this before in other threads but what were the issues that caused the delays? Fingers crossed for August eh... cheers The Mullet Are you referring to my photo of RPatz? I love it!! With regards to the delays, we bought in stage 7 when they were still constructioning stage 3&4 before starting on 5&6. I think at the beginning, our delays were due to the previous stage's delays. I think the previous stages' delays was due to increment weather, which meant all subsequent stages had to be pushed back to. Then they had issues with getting council approval for the stage which pushed it back even more, and the lastest delay was due to increment weather again (even tho it hasnt been raining or servevrely hot!), as well as finding something in the soil when doing the roads which meant they had to spend more time scrapping the roads deeper so they can compact it with brought in soil...the list just goes on, some are legit and others arent. I heard through the grape vines that they were slack in submitting the plans to council, which was the main reason for the delays . Yep fingers crossed that there are no more delays and we can beginning construction in Sept! Cheers *Edit: I just realised that was my 1000 post!! Yay me, it was awhile in the making!! Idiots are fun, that's why there is one in every village! - Dr. House - Re: FHBG v The Settlement of the Land 19Jun 03, 2009 4:16 pm I'm not sure if I am correct or not but for victoria, if you do miss the 6months build time, if you still signed before December, it will be 25k not 18, as the federal goverment will halve their boost first, making it 14k + 11k of the state government. Are there different rules for off the plan buying in relation to the 6 months build time? 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 6911 Need advice on the backyard plan above. Should I excavate and cut all of the dirt to level with the house slab or semi-excavate as per photo above? Both left and right… 0 25629 13 7104 |