You only pay stamp duty on the land, the house isn't built yet so you can't pay stamp duty on it.
You should never pay the full amount before construction, ever.
I will find my contract, we built in Melb in 2008, but you pay progress payments at different stages of construction - frame, plaster, lockup etc.
We got a construction loans and drew on it at each stage as the payments were due, you I ly pay interest on the amount you've drawn from the load amount do it gradually increases until completion when you will be paying the full mortgage.
Look up 'home one' it's a good forum for building and renovating
have u looked at spec homes? we couldnt afford to rent and pay mortgage on land so we went spec, cons, not a huge range and u dont get to pick you carpets ect, pro's alot easier to get into the market
Regarding how much the builder needs and when, normally you pay installments - so once, say, the framework is completed you pay so much, then once it's lock up and so on. As to how much, that will be dependent on how much it's worth to begin with. All of that will be written up in a contract.
We built our house in Queensland in 2002 but we got a loan from the bank and when the land was bought, the money went off our loan then, then after each stage of construction, the bank sent someone out to inspect that it had been done and done properly and then would release the funds to the builder.
In that time, we only had to pay the interest of the loan, not a full repayment amount. Our full repayment amounts did not kick in until it was handed over to us. There were a couple of extra costs that we weren't expecting - though not too bad. Rates - we had to pay rates on the land itself (not on the facilities because they weren't hooked up). We also had to pay council fees when our water and plumbing were hooked up. It wasn't that expensive but if you are budgeting for it you probably want to be aware.
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