In particular we focus on getting the loan structure right the first time, choosing which lenders to use in the right order (yes this is important) and finally getting our clients the best deal possible.
Deposit
A deposit is a sum of money payable as a first instalment on a property at the time the contracts are exchanged with the balance being paid at a later stage on settlement. It is typically 10% of the purchase price, although it can vary. The deposit is usually held in the real estate agents trust account until settlement, at which point it will be applied towards the purchase price.
Types of deposits include; savings Bank Account, Current Deposit Account, Fixed Deposit Account, Recurring Deposit Account.
Learn MoreRefers to the Financial Claims Scheme (FCS) which provides protection to depositors of up to $250,000 per account-holder per authorised deposit-taking institution (ADI).
Learn MoreThe holding deposit is paid to a vendor which is usually 25% but is negotiable. This occurs prior to any paperwork being signed to determine how serious the buyer is about buying the property.
Learn MoreIf you exchange contracts without a finance clause and your formal approval falls through, you could potentially lose your deposit and the vendor can sue you for damages.
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