Establshed Homes: $14,000
Building: $21,000
To ensure you don't miss out you need to have either a
- Contract of Sale - established homes
- Fixed Price Contract - Construction
This means you don't need to have finance approved before September 30, just one of the above.
If you are building and needing to have the fixed price contract, you need to keep this in mind
- Some builders can take up to 3 to 4 weeks to have a fixed price contract put together (REMEMBER: This needs to be signed before the 30th of September).
- If your approval date on your land is before you have a fixed price contract, then you may find your self having to pay Stamp Duty on the land.
- Most banks will not finance Owner Builder so it would be a lot less head aches through a registered builder.
Usually when you sign a contract of sale for an established home it will be subject to finance. Which means if you were declined then you get your deposit back.
However, when you sign a fixed price contract most builders won't give you your deposit back if you are declined because it costs them money to produce the contract (usually more than what you paid as a deposit).
To avoid losing your deposit it is a good idea to get a pre approval before you sign a fixed price contract.
