Property

Vacant Land

If you are looking to buy a new home, you may be considering building rather than buying an established property. Alternatively, you may be looking to invest in real estate by purchasing a vacant block of land.

For tax purposes and finance institutions, a vacant block of land is officially defined as 'land void of any structures (including built or demolished)'.

Buying a block to build on, particularly in a greenfield type of development, enables flexibility in location, land size, optimal orientation, proximity to amenities and can be a great step into the property market and a potentially low entry price. It is worthwhile looking into the land transfer or stamp tax which is payable on a land purchase and calculated based on the actual land value or the purchase price, whichever one is the greater amount.

Some developments and loan terms will require you to build on your vacant land within a designated period, so it pays to make sure you have all this information before you enter into a contract of sale.

If you’re a first home buyer, we have collated all of the questions we have been asked by our first home buyer clients, check out our First Home Buyer FAQs, or download our handy First Home Buyer Checklist. 

#AskLoanStudio

With hundreds of videos, fact sheets and blog articles #AskLoanstudio is your very own financial info hub. 
Take a look at our recent articles on Property.

95 Readytobuy 1

Ready to buy property off the plan? Read this first

Buying property off the plan is exciting as it means you get to own a brand-new home, but make sure you know what’s involved.
Read More >
78 Buying Property with Others

Buying property with other people: Mine, yours or ours?

When people buy property together, particularly if it’s with a partner or spouse, they often register the title in both....
Read More >
81 Brighten Your Home

Easy ways to brighten up your home

Most people want their home to be light, bright and airy, but sometimes the stars just don’t align and you can end up with....
Read More >
BLOG 70 low cost ways to give your apartment a makeover

Low-cost ways to give your apartment a makeover

If your apartment is looking a bit tired but you think renovations will be difficult – not to mention expensive – you might....
Read More >

Not your first purchase?

Take a look at our Relocation Information

Go

Want to know more about buying Vacant Land?

Speak with us