What is the difference between buying 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 a contract for a home that has not been built yet, then waiting through construction and settling later at a price agreed months or years earlier. House-and-land packages usually mean two contracts, a land contract plus a building contract with progress payments, and you carry the construction period.

Buyer guide

Completed home vs off-the-plan: what actually changes

Q: Is buying off-the-plan risky?

Off-the-plan carries risks a completed home does not: the bank values the property at settlement, not at contract, so a soft market can leave a funding gap; construction can run late; sunset clauses can see contracts end; and the finished product can differ from the renders. None of these apply when the house is already built and you inspected it before signing.

Q: Do first home buyers pay stamp duty on a completed new home?

No. Queensland's first home (new home) concession reduces transfer duty to zero, with no price cap, for contracts from 1 May 2025 on a home that has never been occupied or sold as a residence. A completed, never-lived-in new home qualifies, and unlike off-the-plan you get the exemption on a house you can walk through today.

Q: What warranties come with a completed new home?

A brand-new completed home in Queensland comes with 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 National Construction Code's 7-star energy standard, and are covered by the Queensland Building and Construction Commission's statutory home warranty scheme.

Both get you a brand-new house. The difference is when the house exists. Buy off-the-plan and you sign for a promise, then wait and hope the market, the builder and the timeline all cooperate. Buy completed and you walk through the finished home on Saturday, sign one contract, and settle in weeks.

The one-contract difference

A completed home sells under a single contract of sale, the same legal structure as buying an established house. 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.

	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 1–2+ years	When the build finishes, commonly 9–18 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.

Where off-the-plan risk actually bites

Three mechanisms do most of the damage, 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.

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Frequently 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 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.