I am new to this entire process, so please excuse me for any naivety or silly questions. I've done research, and understand the basic process and costs involved, but am still unclear on a few matters.
At the moment I am renting, but an excellent opportunity has come my way to aquire a block of land and build a home on it.
My uncle and aunt own an investment property in Klemzig which they are currently renting out. It's on a corner block.
The land is rectangular, approx. 600m2. The house on it sits a few metres from the footpath, and the backyard is quite large. Essentially, the current block could be sub-divided in half.
Therefore, a new lot of approx. 300m2.
They have offered I buy this land from them without a bank loan, and pay them off on the agreed price on a weekly basis... (Very happy
![Very Happy :D](./images/smilies/icon_biggrin.gif)
This is where I'm lost. Where do I start?
The current block of land is in their name, and the the plan is to sub-divide it so the new lot will be in my name.
Will my uncle and aunt have to start the sub-division process because it's their block, and then once sub-divided get this new land under my name? Or can I sub-divide on behalf of them?
What needs to be done to get the land under my name?
Now, the next part refers to the first home owners grant. As I understand it, the grant for someone who intends to build a new residence is $15000 (first home owner grant $7000 + first home bonus grant $8000).
Just out of interest, under my circumstances would it be possible to use this grant to aid in sub-division costs? Or is the grant only applicable to actual construction?
Finally, what about stamp duty? When does that come into play? As I'm building a new residence am I still required to pay some form of stamp duty?
Thank you for any help
![Smile :)](./images/smilies/icon_smile.gif)