Buying off-the-plan becomes brighter in Queensland

Buying off-the-plan becomes brighter in Queensland

Snapping up a cheap home loan in order to buy off-the-plan property is something that buyers may do when entering the real estate game.

For those based in Queensland, the process is about to get a whole lot easier.

Attorney General and Minister for Justice Jarrod Bleijie announced on June 4 that newly introduced reforms aim to slash red tape when it comes to buying off-the-plan apartments in the Sunshine State.

For families, couples and individuals looking to utilise competitive home loan rates, this will certainly come as good news.

Those looking to buy these kinds of dwellings will be able to access more information in order to make an informed choice when buying.

"By modernising the current system, consumers will have easy access to more meaningful data on things like proposed earth works, the construction of buildings and other structures like retaining walls - all significant factors to consider before entering into a contract," Mr Bleijie said.

Mr Bleijie said buyers would get better information about location, floor level and size of apartments they could buy, as well as finding more information about common property located on the same level.

The government is dedicated to growing its four-pillar economy, with a solid construction industry an essential element of a bright future.

"After extensive consultation with the property industry, administrative processes will be streamlined to avoid the need for complicated forms, and duplicated disclosure obligations will be removed," he said.

"Buyers and sellers will also be given the freedom to make their own contractual agreement on small non-community title developments of five lots or less to remove undue interference from government."

Image credit: christy sheffield