Browse Forums Home Finance deposit bonds for first home buyers 10Dec 24, 2008 12:47 am just a warning to anyone who will be relying on a deposit bond for a home purchase;
just like home loans, deposit bonds have become more time consuming and difficult to obtain recently. previously, you would have them issued instantly upon submission of relevant documentation. last week we spent a day and a half meeting new requests for further documents to have one approved. it was all fine in the end but the extra scrutiny shows how tight things have become. don't count on having one approved on the day of cooling off. Deposit Bond - Issue 11Feb 10, 2009 8:06 pm Need help!
We have sold our property (mid Jan) and allowed 5% deposit due 30th Jan, That date came and request was made for 1 week extension for purchase of Deposit Bond. No problems was our reply on condition it was completed and with Solicitor by today. Was then called today advising that they need another 9-10 days to get the bond as they need the purchaser of their property to go unconditional with their loan before a bond would be issued to them. As their was no mention of subject to sale of their property in our terms of sale, they are in breach of contract due to failure twice to pay a deposit. They have made no effort to be pro-active in paying any sort of deposit (other than the original $500 at time of offer) other than waiting until the due date each time before requesting extensions. Our solicitor thinks they are playing games as they are now basically making it subject to sale of their property. We have formally advised that some sort of cash deposit is required by Friday but doubt they will agree to it. Any thoughts on our next steps as we are completely frustrated and leaves us in complete limbo with a rental property while our new place is being built. The settlement date is Mid March 09. Thanks! Re: Anyone used a deposit bond? 12Feb 10, 2009 8:09 pm I have….only to secure the house, as someone else is sniffing around.
Contracts will be exchanged tomorrow. 10% of the total sale amount. $270 to do so. Internal and External Building and Colour Consultant Online - Worldwide http://www.denovoconcepts.com Re: Anyone used a deposit bond? 13Feb 10, 2009 8:14 pm And of course, I got sucked into an old post…………..
Stonecutters is well on her way now! Lets hope paul-jg can get an answer. Internal and External Building and Colour Consultant Online - Worldwide http://www.denovoconcepts.com Re: Anyone used a deposit bond? 14Feb 10, 2009 8:16 pm Michelle And of course, I got sucked into an old post………….. Stonecutters is well on her way now! Lets hope paul-jg can get an answer. Sorry, thought I had posted new subject, not underneath an old post. Apologies..... Re: Anyone used a deposit bond? 15Feb 10, 2009 8:24 pm Hey no props……someone will help you! Internal and External Building and Colour Consultant Online - Worldwide http://www.denovoconcepts.com Re: Deposit Bond - selling and buying, bridging finance 16Feb 11, 2009 1:49 am paul-jg Was then called today advising that they need another 9-10 days to get the bond as they need the purchaser of their property to go unconditional with their loan before a bond would be issued to them. As their was no mention of subject to sale of their property in our terms of sale, they are in breach of contract due to failure twice to pay a deposit. They have made no effort to be pro-active in paying any sort of deposit (other than the original $500 at time of offer) other than waiting until the due date each time before requesting extensions. Our solicitor thinks they are playing games as they are now basically making it subject to sale of their property. Yes, it does sound like they have been trying a game hoping to break the facts to you slowly. If their new home loan to buy your house is set up so that they are using equity from their sale or the person who made their bond application stuffed it up and involved the sale property in the application, I have no doubt the Bond company would have deferred their decision on whether to give them the bond or not. I would ask your solicitor what options you have to give them notice to complete. As title suggests, looking at using the interlocking Pentablock stacked stone products to replace failing timber retaining… 0 17868 In NSW the maximum deposit for building work is 5% until the builder provides HBCF insurance 1 4821 there is only 20% difference in concrete strength between 20 mpa and 25 mpa, so check with your engineer first if it fits his calculation tolerances. There are ways to… 6 18298 |