June Update - Title and Settlement!

Our land has titled and Settled!

It has been over a month since our last update and nothing else really happened in that time as we were just waiting on this milestone.

Originally due in the end of May the title date was pushed back a couple of weeks to the second week of June. I believe mostly due to the sheer volume of developments in the area also going through the title office. Given some of the stories coming out of other developments where they had to wait over 1 year for their block to title, I think only a couple of weeks late is great!

For those who don't know the process after putting down a deposit on a block of land the next step is to wait for the construction of the land (if you are buying off the plan), wait for your title date and then organise your formal land finances.

We were able to secure conditional approval for our full land house and pool amount some time ago however for settlement of the land we only required the formal approval of the land portion. This requires the remaining deposit to cover any loan shortfall and also includes stamp duty and other fees. Your conveyancer or solicitor will advise you of this amount however it will generally be a minimum of 10% of your total land purchase price and then fees on top.

Don't forget you need to cover your stamp duty fees which can't be made up as part of your loan. In our case it was another $12k we needed to account for however we were prepared!

Don't get caught out when developers offer you a block of land with only a couple of thousand deposit. There are still fees you have to pay!

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Now that our land has titled we have advised our builder who has given us a rough build start date of mid September. We were originally advised August however with the delay in the title this would be expected.

It is looking a little doubtful for our January move in however fingers crossed there are no more delays. Worst case scenario would be the pool being finished as the end of summer rolls around. Can't think of anything worse than a brand new pool and no weather to use it!

For now, another couple of months of waiting before anything else will happen!