What’s Different When You’re Buying A Newly Constructed House?

If you buy a newly constructed dwelling, some differences apply:

• You may be eligible for the First Home Owner Grant, if you are first home buyer and the price of the property is $750,000.00 or less.  This is a $10,000 cash grant, or $20,000 for purchases in regional Victoria, and is in addition to any stamp duty concessions that you may be eligible for.
• The builder’s warranty applies for 2 years after the date of issue of the Occupancy Permit, and for 6 years for structural defects.  Under their warranty, the builder is liable to remedy any building defects that are consequent to faulty workmanship or materials.
• You may have to reimburse the vendor for the cost of connecting the utilities (water, electricity and gas).

For more information about buying newly built homes, please contact our experienced Melbourne conveyancer at 03 9815 2351.