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.

Blog 1100x733 Property New Peak

Property market climbs towards new peak

The property market has thumbed its nose at higher interest rates, with values rising almost 5% since March. Here’s why....
Read More >
Blog 1100x733 HGS equity

Low deposit first home buyers now have $82,000 in equity

First home buyers who bought into the market using the federal government’s 5% deposit scheme have racked up $82,000 in home....
Read More >
Blog 1100x733 Serviceability

Mortgage serviceability: how to jump through the hoops

Mortgage serviceability can feel like a frustrating hurdle to clear. But it’s an important safeguard against borrowing too....
Read More >
Blog 1100x733 June Hike

RBA attempts to beat back inflation with another rate hike, up to 4.10%

Drumroll … The RBA has hiked the official cash rate for the 12th time since April 2022, increasing it to 4.10%. How much will....
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