Guide to Buying Off the Plan - Apartments

Image: Sapphire by the Garden

Buying off the plan is a pretty simple process. Once you have made the decision to buy and have checked with your bank or mortgage broker to make sure you can afford the property, you simply reserve your desired property with a holding deposit which can range from $500 to $5000. Most of the time this is fully refundable if you decide not to proceed. At the same time as you make the reservation deposit, you are required to complete an Expression of Interest Form with your details, the details of the property you are purchasing and the conveyancer you will be using to review the contract for you and assist with exchange and settlement of your purchase.

Contracts are sent to your conveyancer and they will contact you to make a time to review the contract and discuss the important factors within the contract. You then simply exchange on the contract with a 10% deposit which can be paid in a number of ways. It could be cash, bank guarantee and in some cases a deposit bond is acceptable.

Once you have completed the exchange, there isn't much you need to worry about until settlement approaches. An iBuyNew consultant will keep you up to date with the progress of the development and closer to settlement they will let you know that you need to finalise your mortgage paperwork to ensure that settlement takes place as directed.

Once settlement takes place, you own the property and you can move in or rent it out.

It's really quite simple!

Whether you're looking for new property development or wanting to purchase an off the plan property in Victoria, New South Wales or Queensland, get in touch with iBuyNew and speak to our team of experts on 1800 123 463 to find out how we can help.



Published on 20th of March 2023 by Jing Lee
Jing Lee
Jing Lee


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