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.
A purchaser traditionally pays between 5-10% of the purchase price, at exchange of contracts which is the initial deposit amount. The balance of the purchase price is then paid once the Contract is completed (at settlement).
Learn MoreSometimes you might not have the upfront funds for a deposit available, as it might coming from an inheritance and you’re waiting for the sale of the deceased estate, or your cash is tied up in investments that you haven’t gotten around to selling yet. You can get around this with a deposit bond.
Learn MoreA purchaser under a contract for the sale of land in NSW usually pays a deposit, traditionally being 5-10% of the purchase price, at exchange of contracts. The balance of the purchase price is then paid once the Contract is completed (at settlement).
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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