With off the plan, the timing of settlement is more relevant to an owner-occupier than an investor, as they’re obviously keen to move straight into the property.
Ordinarily a notice of settlement will be issued approximately 2 weeks before settlement occurs which then allows you to move into the property. At VARO, we recommend that our purchasers give notice to their landlord once they receive the notice meaning that you may have a 2 week overlap with your rent and mortgage. Allowing this time provides you the opportunity to organise furniture as well as accounts for any unexpected delays in settlement.
These unexpected delays in settlement are what most owner occupiers will complain about – which is completely understandable. However, every developer’s intention is to finish and settle the project as soon as possible. Purchasers often don’t realise that the construction loan is at it’s maximum by the end of the project, and the developer’s do not want to be in that position. It is either the council or the builder that is delaying settlement, and it’s out of their control.