Buying off the plan allows you to buy a property for the future at today's prices. To put it simply, it is buying a property before construction has commenced, and the buyer purchases on the basis of developer's floor plans and existing site.
This is the sum that you contribute in cash to the cost of buying your home. Despite the changes in home loan availability, you can still buy a house with very little deposit at all, but it is important to understand the costs involved in doing so.
A recent survey by PRD Nationwide has revealed national investors rate Brisbane as the capital city with the best property investment opportunities.
"I will choose the wrong investment property and lose money"
The settlement date normally is four to six week after the exchange of contracts (unless you have purchased a property off the plan!). The settlement date is the day when the buyer, having paid the rest of the house price, receives the keys to his home.
The latest data released by the Australian Financial Group mortgage index has indicated the proportion of mortgages being taken by investors is the highest in the survey's four-year history, and a 25% increase from just six months ago in August 2009.
"First home buyers are all in their early 20's"
The Brisbane property market provides opportunities for investors looking to reap the rewards in both the long and short term.
Investors flock Brisbane as 2010 proves to be year of the investor