What do I need to know before I buy off the plan?

Make sure you read your contract thoroughly. Research everything in the Australian housing market and on finance, and it's a really good idea to research everyone who is involved in the project - like the builders, developers as well as any professional finance people you are dealing with.

Get lots of professional advice! Talk to everyone you know who is involved in the project and read through your entire contract.

The main difference of buying off-the-plan properties from established homes is that you only put a deposit now normally 10%) and have to come up with the remaining amount only at settlement in a few years when the property is completed. The seller will be holding your deposit in a trust account and change of ownership will not happen until settlement. For those who will require a bank loan, you must ensure your are "loan serviceable" closer to settlement and not necessary now when you are purchasing. In some cases this is beneficial as you can secure a home today and have a few years to get prepared to take on a mortgage.

Always make sure you research all professionals you work with as well as zoning and building regulations and the builder's previous projects.