Browse Forums Home Finance 1 Jan 07, 2014 2:42 pm Our land was $193,500 - holiding deposit of $4,000 paid - balance $189,500 House contract $230,000 - holding deposit of $4600 (2%) to builder - balance $225,400 I have been doing our 5% deposit + fee's calculations based on the remaining balances thinking that our 5% deposit didnt count the deposits already paid, which always annoyed me a bit considering it's $8,500 worth of money we've contributed to the overall cost. Yet we still needed 5% deposit of the overall cost plus fees. Is this correct? We have now saved enough for the scenario of the deposit not including the holding deposits paid anyway, but it would be nice to know if we we're "in front" or not. Lender is ANZ. Any assistance appreciated, been a long time since i've done this and I am second guessing myself on everything these days! Thread: viewtopic.php?f=31&t=66299 Slab: 16/6/14 Frame: 4/7/14 Roof: 22/7/14 Lock Up: 20/8/14 Fixing: 26/8/14 PCI: 9/10/14 Handover: 20/10/14 Re: Do holding deposits form part of your overall Deposit? 2Jan 07, 2014 4:18 pm Our Bank considered our holding deposit as part of our 5% contribution to the mortgage. All we had to do was show the receipt to show that it had already been paid. So you should be nicely upfront. We saved well more than we required "just to be sure" and now we have quite a substantial sum left over either for unexpected costs through the build, or a significant sum to pay off straight away to reduce the amount owing when it's all done! It is nice to have that buffer as then you don't have to stress every time it another unexpected cost comes up. My Building Thread:https://forum.homeone.com.au/viewtopic.php?f=31&t=66153 Re: Do holding deposits form part of your overall Deposit? 3Jan 07, 2014 4:27 pm Oh fantastic For ONCE we might be ahead! That little revelation has bought me a lot of joy Thread: viewtopic.php?f=31&t=66299 Slab: 16/6/14 Frame: 4/7/14 Roof: 22/7/14 Lock Up: 20/8/14 Fixing: 26/8/14 PCI: 9/10/14 Handover: 20/10/14 Re: Do holding deposits form part of your overall Deposit? 4Jan 07, 2014 4:28 pm arauch We saved well more than we required "just to be sure" and now we have quite a substantial sum left over either for unexpected costs through the build, or a significant sum to pay off straight away to reduce the amount owing when it's all done! One would have assumed that you would know what an offset account is. 3in1 Supadiverta. Rainwater Harvesting Best Practice using syphonic drainage. Cleaner Neater Smarter Cheaper Supa Gutter Pumper. A low cost syphonic eaves gutter overflow solution. Thanks. I called VBA today and they said it was a Consumer Affairs issue, the old handball. Seems like the government organisations don't want to do their job at the moment. 2 7573 I couldn't attached the photo for some reason. Here is the link to the photo https://pin.it/79jwdMp 1 3121 In NSW the maximum deposit for building work is 5% until the builder provides HBCF insurance 1 4831 |