Re: Land deposit on new land.2
Feb 17, 2019 12:23 am
Sure will - and if you can muster up another 10%, then the lender should combine that with your deposit as 20% and you won't need lender's mortgage insurance. But bear in mind that doesn't guarantee finance approval - it doesn't mean you can service a loan, it just means you had cash to pay the deposit. They'll still do their due diligence.
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.
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