All Topics / Help Needed! / Deposit bond for Auction property

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  • Profile photo of o0tegs0oo0tegs0o
    Participant
    @o0tegs0o
    Join Date: 2010
    Post Count: 21
    March 16, 2011 - 5:25 am

    Hi All,

    There is a property im interested in that is going to austion at the end of the month. I dont have a deposit and was planning on using my parents equity to secure the loan. That said – I need a cash deposit on the day if i win the auction which i dont have…
     Has anyone ever, and is it even possible, to use a deposit bond in this instance?
    Or ahy ideas as to a way around this?

    Thanks in advance

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    March 16, 2011 - 5:51 am

    For a short-term deposit bond you generally need to provide proof that your finances have been approved.

    Whichever way you decide to fund the deposit, you should get your finances pre-approved before going to auction.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of o0tegs0oo0tegs0o
    Participant
    @o0tegs0o
    Join Date: 2010
    Post Count: 21
    March 16, 2011 - 8:59 pm

    Thanks Jamie

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