Hi,
This is the first time I'm purchasing a property (PPOR) and I'm hoping to get some guidance.
I am planning to buy a pc of land and build on it. I would like to know if stamp duty is applicable to the total costs of the land+house or just the land.
Also, how much deposit is usually required for purchase of land. I was told by the real estate agent that a 10% deposit is required. Should I get the builder to conduct a soil test before I purchase the land?
Should I select on a house design first then purchase the land or vice versa?
-corinne-
Hi; 95% LVR is the general rule for land however if it is regional this may be reduced somewhat depending on the post code. On land stamp duty is charged at a higher rate as is charged as investment as you cannot live on a block of land, when you build the building will be as owner occupied and stamp duty charged accordingly, providing you intend to live in it.
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