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FAQ: Buying Land at The Patch

We’ve compiled some of the most asked questions at our sales suite to help you gain a better understanding of everything related to The Patch Wollert.

If your question isn’t here, feel free to book an appointment with our Estate Manager, Matt Vassallo, who will be happy to chat about any questions you may have. Book here.


What is the process to purchase a lot?

During COVID-19, we are conducting video calls and hosting private 1:1 meetings to help you with your property purchase. We can also manage everything completely electronically so that you could purchase your new home from the comfort of your couch if you prefer.

Before purchasing land, you should firstly contact your bank to assess your financial position and what your borrowing power is. You need to also confirm if you are eligible for any benefits such as First Home Buyers schemes. This will allow you to make an informed decision when reviewing the land opportunities available within our estate and ensure you’re well-armed with information throughout the process. Once you have an understanding of your financial position and have consulted with our sales team to select your lot of your choice, they will present you with a contract of sale.

How does the settlement process work?

The settlement process will be facilitated by your conveyancer in conjunction with your broker or mortgage lender. Once the Titles Office has issued a title for your block we will give you 10 working days notice of your settlement date, which is the day you pay the balance owing on the land and the title is transferred to you. Much of this will happen behind the scenes and providing that you have finalised all of your mortgage documentation with your lender there should be little for you to do.

Am I able to sell my block if my circumstances change before settlement?

Your contract will specify whether a nomination is allowable on your block. Where allowed, nominations are typically limited to direct family members in case of inability to settle or a change to personal circumstances.


SEE ALL FREQUENTLY ASKED QUESTIONS

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