Written by: Maria Papa
Buying off the plan can be a good strategy for first home buyers. You only have to put a deposit down and settle when it is completed. Most developers will require at least a 10% deposit. But in a property market that is correcting such as what is happening In Sydney and Melbourne, off the plan purchase presents risks.
There are several benefits for first home buyers purchasing an apartment off the plan.
Despite all of the benefits I mentioned above, purchasing off the plan can be a gamble. It is important that you are fully aware of all the possible pitfalls particularly those relating to lending conditions.
Buying off-plan can be more affordable and flexible for first home buyers. The only way to minimise the risk is to do your due diligence, have a reliable conveyancer review the contract and have a competent finance broker on your side.
Here’s a copy of The Complete Guide to First Home Buyers Manual for you to review
Your full financial situation will need to be reviewed prior to acceptance of any offer or product.
MBM Mortgage Pty Ltd trading as Maverick Finance | ABN 28 149 301 084 | Credit Representative 403019 is authorised under Credit License 389328
This website provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.