Payment Terms for Apartment (OFF THE PLAN ONLY – BRAND NEW)
1) Reservation Deposits
On signing reservation form, to pay holding deposit of $2000.
These payments must be made immediately.
2) Signing Contract (S&P)
Signing of contract within 3 to 7 days.
3) Balance of 10%
Balance of 10% to be paid within 14 days after signing of contract.
4) Foreign Investment Review Board Application (FIRB)
The purchaser’s lawyer will assist to apply for FIRB approval $5000 to be to foreign investment review board (FIRB) for property less than AUD1 million or less.
Surcharge – 7% of contract price to be paid to Victoria States Government
Legal fees – approximately $1000 - $1200
House and Land Packages
2 contracts that must be signed at the same time:-
For Land Contract
(a) 10% deposit
(b) 90% final payment at land settlement date
(c) Land settlement date depends on the terms of the contract, could be 30days, 60 days or when the land title is ready for registration
For HIA Building Contract
The balance 95% is on progressive payment at completion of base/slab stage,
frame stage, lock-up stage, fix stage and then final completion/handover stage