Buyer guide
Completed home vs off-the-plan: what actually changes
In most cases a completed home carries less risk than off the plan, because the house already exists when you sign. You inspect the finished build, your lender values a real property instead of a drawing, and settlement usually runs 30 to 60 days. Off the plan asks you to commit to a price years before the house exists.
What is the difference between a completed home and off the plan?
A completed home sells under a single contract of sale, the same legal structure as buying an established house, except the house is brand new and has never been lived in. The build is already done and paid for by the builder. There are no progress payments, no construction loan, no builder's escalation clauses in your name, and nothing left to go wrong between contract and keys. Off-the-plan and house-and-land put the construction period inside your purchase instead: you sign for a home that does not exist yet, then wait for it.
| Completed new home | Off-the-plan | House-and-land | |
|---|---|---|---|
| What you inspect | The actual finished house, room by room, before you sign | Renders, floor plans, maybe a display suite | A display home of the design, not your house |
| Contracts | One contract of sale | One contract, settling on completion | Two: land contract + building contract |
| Payments | Deposit, then settle. Nothing during construction | Deposit now, balance at completion | Progress payments at each build stage, plus interest while you wait |
| Move in / rent from | Settlement, typically weeks | When the project completes, often 1 to 2+ years | When the build finishes, commonly 9 to 18 months |
| Construction risk | Carried by the builder before you buy | Delays, variations and sunset clauses sit with you | Delays, weather and variations run on your loan |
| Bank valuation | Values the real house, now, before you commit | Valued at settlement; a soft market can leave a funding gap | Valued on plans; final value unknown until complete |
| First home buyer duty | $0 (new home, no price cap), on a house you can see | $0 if eligible, on a promise of a house | $0 on the land if eligible and building within 2 years |
| New-build protections | 7-year structural warranty, 12-month maintenance, NCC 7-star, QBCC cover | Statutory warranties apply | Statutory warranties apply |
Duty positions reflect Queensland Revenue Office concessions for contracts from 1 May 2025; eligibility conditions apply. General information only.
How to buy a completed home in Queensland
Six steps, and none of them involve a building contract:
- Get finance pre-approval. Your lender or broker confirms what you can borrow before you start looking. Because the house is finished, the bank is valuing a real property, so the number you are given is the number you can act on.
- Inspect the finished house. Walk through the actual home you would be buying, room by room, with the flooring, fixtures, appliances and landscaping already in place. Not a display home, not a render.
- Book a building and pest inspection. The house is standing, so an inspector can report on the roof space, the subfloor, the wet areas and the external walls as built. Where you sign before the report comes back, a contract can be made conditional on a satisfactory result, and your solicitor sets that timeframe.
- Have your solicitor review the contract of sale. One contract, one price, one settlement date. Your solicitor checks the title, the disclosure, the conditions and the settlement period before you commit.
- Sign and pay the deposit. The deposit is held in trust. Nothing further is payable until settlement, because there are no build stages to fund.
- Settle in 30 to 60 days and collect the keys. A pre-settlement inspection happens shortly before the date, your lender pays out, and the home is yours. You can move in or lease it from settlement.
Transfer duty for first home buyers: for a contract dated 1 May 2025 or later, an eligible first home buyer pays nil transfer duty on a new home in Queensland, and there is no value cap on that concession for a new home. For contracts entered into from 1 August 2026, you must also be an Australian citizen, permanent resident or specified foreign retiree to claim the transfer duty concession. The absence of a cap matters, because it means the concession applies to premium new homes and not only to entry-level ones. Eligibility is set by the Queensland Revenue Office, not by us: broadly, you must be at least 18, never have held an interest in residential land in Queensland or anywhere else, buy as an individual rather than through a company or trust, move in within one year of settlement and live there for at least one continuous year.
Source: first home (new home) transfer duty concession, Queensland Revenue Office. Confirm your own eligibility and duty position with QRO or your solicitor before you sign a contract.
Is a completed home safer than buying off the plan?
In most cases, yes. Three mechanisms do most of the damage off the plan, and none of them exist once a home is finished:
- The valuation gap. Your bank values an off-the-plan property at settlement, not when you sign. If the market has softened, you fund the difference in cash or the deal falls over, after you have waited a year or more.
- Time. Construction runs late more often than early. While you wait you keep paying rent, and on house-and-land you also pay interest on progress payments for a house you cannot live in.
- The paper-to-product gap. Renders are marketing. Finishes get substituted, dimensions shift within tolerances, and the streetscape fills in around you. A completed home has no gap: what you walked through is what you settle on.
You give up nothing that matters
The usual argument for buying early is getting brand-new protections and incentives. A completed new home keeps all of them: it has never been occupied, so eligible first home buyers still pay $0 transfer duty with no price cap, investors still claim full depreciation on a new build, and the home carries a 7-year structural warranty, a 12-month post-handover maintenance period and the National Construction Code's 7-star energy standard. The only thing you skip is the risk.
Walk through your next home this week
Every Pearson Bros home is completed before it is sold: brand new, never lived in, and ready to inspect in South-East Queensland's growth corridors.
View completed homesFrequently asked questions
What is the difference between a completed home and off-the-plan?
A completed home already exists: you inspect the finished house, sign one contract of sale, and settle in weeks, the same way you would buy an established home, except everything is brand new. Off-the-plan means signing for a home that has not been built yet and settling when the project completes. House-and-land usually means two contracts, with progress payments through the build.
Is a completed home safer than buying off the plan?
In most cases, yes. The house already exists when you sign, so you inspect the finished build, your lender values a real property, and there is no construction period to survive between contract and keys. Off the plan leaves you exposed to a valuation shortfall at settlement, construction delays, sunset clauses and substituted finishes. A completed home still needs normal due diligence: a building and pest inspection and a solicitor's review of the contract of sale.
What is the best way to buy a new home without taking on build risk?
Buy a house that is already finished, under a single contract of sale. Because the builder completed the home before it was listed, there is no building contract in your name, no progress payments and no construction period running on your loan. The sequence is finance pre-approval, inspect the finished house, building and pest inspection, solicitor's review of the contract, sign and pay the deposit, then settle in 30 to 60 days.
Is buying off-the-plan risky?
It carries risks a completed home does not: settlement-time valuation shortfalls, construction delays, sunset clauses, and a finished product that can differ from the renders. None of these apply when the house is already built and you inspected it before signing.
Do first home buyers pay stamp duty on a completed new home?
No. Queensland's first home (new home) concession reduces duty to zero with no price cap for contracts from 1 May 2025, provided the home has never been occupied or sold as a residence and you move in within a year. A completed, never-lived-in home qualifies. Confirm eligibility with the Queensland Revenue Office.
What warranties come with a completed new home?
The same new-build protections: Pearson Bros homes carry a 7-year structural warranty and a 12-month post-handover maintenance period, are built to the NCC 7-star energy standard, and are covered by the QBCC's statutory home warranty scheme.
Keep reading
General information only. This page compares typical contract structures and is not financial, legal or tax advice. Off-the-plan and house-and-land contracts vary; some include protections not described here, and completed-home purchases still require normal due diligence including building and pest inspections and legal review. Transfer duty concessions are administered by the Queensland Revenue Office and depend on your eligibility and occupancy; confirm your position with the QRO and your solicitor before acting. Warranty periods describe Pearson Bros Homes' new builds; statutory cover is provided under the Queensland Building and Construction Commission scheme.