Buying Process

Buying a new home or an investment property can be confusing.  At Foundation Corp we want to assist where we can.  Below is a list of frequently asked questions.  Get in touch if you can't find an answer to your question below.

Frequently Asked Questions

What property is right for me?

Only you can answer this question. Some things to consider are; - Am I going to have children or more children? Do I want an easier lifestyle? Where do my friends and family live? Where do I work? How much can I afford? Start with a wish list and work back from there.

How much can I afford?

There are two key considerations when considering what you can spend;

1) What deposit or equity do you have? - If you have an existing house start by asking the bank to revalue it. You may be surprised by how much money you have. After revaluing your home consider your savings. This will assist you in determining your deposit.

2) Can you service the loan? - Look at your long-term ability to service the loan. How much do you earn? Will your income grow? Are you in the early stages of your career or are you winding down. A good check is to take stock of your expenses over a 12-month period and work out how much you have left. Can this be spared for an investment or home loan?

When do I have to pay the deposit? How much is the deposit?

To hold a property, we require a refundable deposit of $2,000. If you do not proceed with your purchase this is refunded.

When you sign an unconditional contract a 10% deposit is to be paid within 14 days.

Some of our projects are sold as house and land packages so subsequently a 10% deposit is only required on the land component and when construction commences a further 5% deposit is payable to the builder. This is a good way to get started if you can't quite get your full 10% deposit ready when you find your dream home.

Do I have to pay stamp duty?

In Victoria stamp duty is payable on any property purchase. The rate varies if you are buying the property as an investment; you are a foreign purchaser; a local purchaser and/or a first home buyer. The Victorian Government's land transfer calculator can assist in determining the amount of duty that is payable. You can find the calculator by click on the following link: http://www.sro.vic.gov.au/calculators/land-transfer-calculator

There are concessions for off the plan purchasers. If you would like to gain a better understanding of these concessions you can view the link on the following link: http://www.sro.vic.gov.au/plan-sales-concession

What are the benefits of buying off the plan?

Buying a townhouse before or while it is being built can give you a chance to choose your inclusions and colour schemes. You can purchase at pre-construction prices. It can give you time to save a larger deposit. You will get the benefit of a maintenance period and home warranties and guarantees. You may also get significant stamp duty savings.