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Comparison rates above are based on a home loan of $150,000 for 25 years. WARNING: The comparison rates are true for the example given only and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.

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Any information provided does not constitute an offer of credit and are examples of what may be available to you based on the information available. It does not take into account any product features or any applicable fees. Lending criteria and the basis upon which we assess what you may be able to afford may change at any time without notice. For Fixed Rate home loans, break costs may be payable which can be significant if you change the whole or part of your fixed rate loan or where additional or early repayments are made during the fixed rate period.

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What Is The Cooling Off Period for Off the Plan Purchase?

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Ello
Cover image for What Is The Cooling Off Period for Off the Plan Purchase?

Welcome to Ello Lending, your trusted Australian mortgage broker. Today, we're going to discuss the cooling off period for off the plan purchases. When you're buying a property, it's important to understand the cooling off period. This is the period of time you have to change your mind after signing a contract. In Australia, the cooling off period for off the plan purchases is five business days.

An off the plan purchase is when you buy a property that hasn't been built yet. This could be a new apartment, house, or townhouse. You'll be buying the property based on plans and specifications, and you won't be able to inspect the property until it's built.

The cooling off period is the period of time you have to change your mind after signing a contract. In Australia, the cooling off period for off the plan purchases is five business days. This means that you have five business days to decide if you want to go ahead with the purchase. During this time, you can cancel the contract without any penalty. You'll get your deposit back, and you won't be liable for any other costs.

If you don't use the cooling off period, you'll be legally bound to the contract. This means that you'll be liable for any costs associated with the purchase, including stamp duty, legal fees, and other costs. It's important to note that the cooling off period only applies to off the plan purchases. If you're buying an existing property, the cooling off period is different.

During the cooling off period, it's important to do your due diligence. This means researching the property, the developer, and the area. You should also get a building and pest inspection and speak to a lawyer about the contract. It's also important to speak to a mortgage broker during this time. A mortgage broker can help you understand the loan process and find the best loan for your needs.

At Ello Lending, we're experts in the Australian mortgage market. We understand the loan process, and we're here to help you get the best loan for your needs. We'd love to answer any questions you have and help you get a home loan. Get in touch today to find out more.

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Stamp duty rates for off the plan purchases vary across Australian states and territories. In Victoria, the rate is 4.5%, in Queensland, it is 4%, and in New South Wales, it is 3.5% for off the plan apartments. Stay informed about the latest rates as they may change over time. Our experienced mortgage brokers at Ello Lending can provide guidance and support in understanding stamp duty calculations. Contact us for assistance.

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Discover how to calculate stamp duty for an off the plan purchase in NSW and get expert guidance from Ello Lending, your trusted mortgage broker. We'll help you navigate the complexities of stamp duty and find the right home loan for your needs. Contact us today for personalized assistance and turn your off the plan property dreams into reality.

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Debt consolidation is not limited to credit cards; it encompasses various types of debt, including personal loans, medical bills, and student loans. It aims to simplify finances and potentially reduce interest rates and monthly payments. At Ello Lending, our mortgage brokers can provide personalized guidance on debt consolidation options to help individuals manage their debts effectively.

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