Land deposit on new land.
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Just passing by for advice I have paid a 10% deposit on a vacated land in a new estate will that money I paid for the deposit factor and help in the loan when I apply for finance??
I bought land and everything I paid was counted by the lender - $1,000 holding deposit on signing contract, then the balance of 5% deposit with the developer on finance approval. The lender took that 5% into account and only needed 15% from me to make the 20%.
Exactly the same with the builder - every cent you pay the builder forms part of your contribution to the loan, so make sure you keep the receipts to be able to present these to your lender so they know when you've reached your contribution amount and they pay the rest.
Hi there
Just passing by for advice I have paid a 10% deposit on a vacated land in a new estate will that money I paid for the deposit factor and help in the loan when I apply for finance??
Just passing by for advice I have paid a 10% deposit on a vacated land in a new estate will that money I paid for the deposit factor and help in the loan when I apply for finance??
Would advise that you have a chat with your bank 1st before you make any payments- some of these deposits are non- refundable. If possible put a subject to finance clause/condition!
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