What is a single contract and why should you choose it?
When buying off-the-plan, navigating the paperwork can be overwhelming. A Single Contract offers a solution by combining the land purchase and construction into one agreement. This approach is different from traditional new-builds, which often require you to manage separate contracts and payments.
Benefits of a single contract:
1️⃣ No Progress Payments – Instead of making payments in stages during construction, you’ll only need to pay once upon settlement.
2️⃣ Streamlined Financing – Single Contracts simplify loan approvals, making it easier for your lender to process your application quickly.
3️⃣ Reduced Stress – With one contract covering both the land and the build, there’s less paperwork, fewer decisions to juggle, and a smoother experience overall.
4️⃣ Potential Tax Savings – Depending on your location, you could benefit from reduced stamp duty since you’re buying off-the-plan.
Single Contracts are especially advantageous for first-time buyers and investors looking to simplify their purchase and minimize financial stress.
How does it work?
- Choose your property and review the Single Contract.
- Work with your lender to secure financing – the simplified process often leads to faster approvals.
- Settle in one go after construction is complete.
Ready to learn more about a single contract? Let us help you navigate the process with ease.
How to source an investment property?
When sourcing an investment property, there are many opportunities that offer some excellent investment returns. There are many factors and fundamentals that should be considered to measure if the investment is best suited to you or not. Seeking advice from a property adviser (buyers’ agent) will be the best way to buy the right property for you.
If you’d like some assistance sourcing a brand new or off the plan property, please don’t hesitate contact us.
We would welcome the opportunity to help with your property purchase. Our YouTube channel and Market Insights also provide a wealth of information to assist you with many areas relating to property.
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more, please contact us. We welcome the opportunity to assist you.
January 2025
