Buying off-the-plan is when you enter into a contract or transfer to buy residential property, where the home is to be erected or developed before the contract or transfer is completed.
A contract for the sale of vacant land is not eligible for off-the-plan benefits.
If you buy a home off-the-plan, which you intend to use as your main residence, you can defer your transfer duty for up to 12 months after you sign the agreement, or until the property is completed or handed over, whichever comes first.
From July 2016, all purchasers and transferees must be non-foreign, meaning you're:
From July 2017, investors aren't eligible.
At least one purchaser or transferee must occupy the property as their main residence.
The person occupying the property must live in the property for six months continuously, starting within 12 months from becoming the owner.
By completing the purchaser/transferee declaration, you're confirming you'll meet the requirements as outlined in the explanatory notes to the declaration PDF, 184.94 KB.
If you don't meet the above residence requirement, you must pay duty. You must also pay interest after three months from the date of the contract, and penalty tax may apply.
For more information about buying off-the-plan and how to apply, contact us.