Browse Forums Home Finance 1 Jun 02, 2009 12:56 pm Hi all, I am looking at buying my first home and thinking of buying off the plan in Kensington, Melbourne. I am still a little unsure how the process works however and so have some questions that might be a bit stupid. We plan on using the 32K FHOG and will have around 3-5% of our own genuine savings. Can someone please tell me though how in my situation I produce the 10% deposit required to buy off the plan? Would the bank assist with this or? I have done the research into a few different lenders and like the look of Myrate who require 5% genuine savings which we should be able to save however Iām still unsure how we can access the other 5% to pay the deposit. Any help appreciated. Thanks, Julian Re: Finance questions 2Jun 02, 2009 4:29 pm I've just bought an apartment off the plan and didn't have 10% either as I am using the FHOG. In my case the vendor agreed to accept a deposit bond for 10% and I paid a small holding deposit of $500. We made it a special condition in the contract that the vendor accept the deposit bond. My mortgage broker is arranging all of this, but I think you can also apply through your lender for it as well? Now i just get to wait wait wait! Right now i'm looking at a 5 week delay just to get finance approval because of backlogs. After that I get to wait some more until they've finished building. For me a deposit bond has been good because it means I get to save up as much cash as I can before settlement, whenever that might be! you were just referred to get advice from your solicitor. This is a legal matter. Separately, why would you use a buyers agent for a house and land package? 3 57846 Personally, considering your layout (study/work desks in bedrooms), I don't think you have any other option but to leave NW windows and make them as big as possible e.g.… 7 10485 We had this happen to us last year and got charged a variation. Try and give away as much as you can that is usable to charity otherwise if you are in Sydney I have a… 1 4508 |