Buying Land & the Building Bonus
We are getting a lot of questions about the building bonus and land availability. From our end, we can’t sign a contract with you until the land title is in your name. If the Developer isn’t expecting titles until Nov/Dec, your contract signing may fall outside of the Dec 31st deadline in the event that titles are delayed.
There is still a lot of uncertainty with regards to the nitty gritty detail of the grants available at both a state and federal level. Industry bodies such as the HIA and MBA have lobbied government to make concessions with regards to builder having to start construction within 3 months of contract signing. This is due to possible delays in areas such as planning and finance approvals which are outside of the Builders control. We are yet to hear if there will be also concessions made if land titles are not available as advertised by the Developer due to hold ups with WAPC approvals.
We will keep you updated as we learn more about how the government plans to deal with these issues. To err on the side of safety, we would recommend that you look for already titled land that is ready to settle before November – leaving you enough time to then work with your Builder to draft plans, create your specification and prepare contracts.Go back to FAQs