Don’t have ready or convenient access to your cash for your 10% home deposit? A deposit bond could be the smart solution.
Read moreCredit Craziness – What have we seen as a result of lending policy tightening?
As most of you would be aware, there has been a significant tightening of lending policy from the nations financiers. Media headlines tend to hype the end of the world, but is that really the case?
Read morePaying the Deposit
When agreement is reached to buy a property, the purchaser is normally required to pay a deposit of 10% of the purchase price. Normally, the deposit will be held in the real estate agent’s trust account until settlement. No-one earns any interest. It just sits there.
Paying the deposit quickly is a sign of good faith, however, it does not “hold” the property for you.
You still need to exchange contracts.
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