Deposit bonds and buying off the plans scenario

Hi there,

I am looking at a house and land package in South Australia. The properties are reasonably priced and I think there is still plenty of movement there. I have pre-approval etc. However, I already have two others and I am looking at this option, which should assist me with some cash flow issues I have at the moment but wont have in say 6 months time.

1. Purchase a house and land package off the plan at fixed price contract.

2. Use a DEPOSIT BOND from the Commonwealth ( 6mth to 48mths) to pay for the deposit etc.

3. No more to pay or anything out of my pocket until settlement ins ay 9-12mths.

4. Hope like hell that I have done my research and that the property growths in value in 12 months whilst I wait and then hope like hell I can rent it out as it will be a new property which maximises my depreciation etc.

I am going to look at the top 2 reputable builders there as I am worried that I amy get ripped off….

Any advice is appreciated. Is there another way to do this. IE to purchase a package, wait for it to get built but not have to pay the progress payments etc whilst it is getting built.

Thanks. ADVICE NEEDED PLEASE. First time I have considered this whole scenario.

Parraboy