Browse Forums Home Finance 1 Sep 05, 2012 4:19 pm Hi Guys, I am looking at the Land in south east of Melbourne. I am interested in the land. I think I have got just enough money as a first home buyer. And I understand Holding Deposit receipt can be shown as part of deposit to the bank. Question I have is can we pay this token amount (usually 500 to 1000) through credit card? Can one recommend me Solicitor (I understand they are better if something goes overly wrong than Conveyancer) in melbourne CBD or in near epping? Thanks Re: Can we pay Holding Deposit through Credit Card? 2Sep 05, 2012 4:59 pm macmaz Hi Guys, I am looking at the Land in south east of Melbourne. I am interested in the land. I think I have got just enough money as a first home buyer. And I understand Holding Deposit receipt can be shown as part of deposit to the bank. Question I have is can we pay this token amount (usually 500 to 1000) through credit card? Can one recommend me Solicitor (I understand they are better if something goes overly wrong than Conveyancer) in melbourne CBD or in near epping? Thanks Yes it can. We did this. Re: Can we pay Holding Deposit through Credit Card? 3Sep 05, 2012 5:15 pm I paid all deposits up to (but not including) the contract deposit on my Amex. I did really well on the frequent flyer points that year. The Harder You Try - the Luckier You Get ! Web site http://www.anewhouse.com.au Informative, Amusing, and Opinionated Blog - Over 600 posts on all aspects of building a new house. Re: Can we pay Holding Deposit through Credit Card? 4Sep 05, 2012 5:23 pm Hi Bashworth, Then can I ask you how much was the amount. I doubt if we can pay full land deposit (12.5K for land of 250K) by credit card and I suppose I'd still need some limit that makes total credit card limit to be approx 15K. Would it be ok to keep your credit card limits that much? Also wouldn't bank want to know how we paid this amount? @Humble: That helps too. Thanks Re: Can we pay Holding Deposit through Credit Card? 5Sep 05, 2012 6:46 pm Its a few years ago now but we paid an initial deposit of around $1000 on the land ($110,000) We also paid the initial deposit for the builder of about $2,500 with the card The Harder You Try - the Luckier You Get ! Web site http://www.anewhouse.com.au Informative, Amusing, and Opinionated Blog - Over 600 posts on all aspects of building a new house. Re: Can we pay Holding Deposit through Credit Card? 6Sep 06, 2012 1:18 am Banks (or more in particular the LMI underwriter) look for at least 5% genuine savings for high LVR amounts. Credit cards don't exactly fall into this category. Very apprehensive about lending to people who use borrowed funds as their funds to complete a purchase. There are ways to get around it however, more so with personal loans than credit cards. Re: Can we pay Holding Deposit through Credit Card? 7Sep 06, 2012 11:30 am As to the second part of your question; here's a search tool for Victorian Legal Practices (you can search by town or area): http://www.liv.asn.au/LegalPractice.aspx You'll probably find that if they list "property law" as an area of practice they will do conveyancing. Hope that helps Re: Can we pay Holding Deposit through Credit Card? 8Sep 06, 2012 3:38 pm You can pay holding fee. We just paid $3k to our builder on CC for the points hehe Re: Can we pay Holding Deposit through Credit Card? 9Sep 06, 2012 5:17 pm Thanks for your replies guys. I have read else where bank doesn't really care how much balance you'd have on your credit cards. It will only check your limits. And multiplies this by 5 and reduces this much from your borrowing capacity. So it'd best to pay big amount as holding deposit. Still do not get how come this then considered as part of deposit and genuine. But this may be a kind of loophole then.. Hi Mofflepop, I would recommend finding a building designer to prepare plans, they should design to your specified budget. The benefit is you can tender the project out… 9 20355 In NSW the maximum deposit for building work is 5% until the builder provides HBCF insurance 1 4814 yep sounds good make the footing bigger to to allow for the pipe in the middle 3 7300 |