It is my first time purchasing property and I have a quick but sure than simple question.
As I love OS I have to put 20% deposit. I have seen a property which is up for auction I am presuming if I won the auction I would need to put down a deposit (lets say 10%). When would I need to put the remaining 10% deposit down?
Thanks
At settlement you will be required to coe up with the remaining funds.
This would be the 80% from the lender and the 10% from yourself.
Don’t forget to consider all the buying costs.
If you buy at auction the contract will be unconditional so ensure you have all of your finance approved.
Can you explain why you think you need to stay at 80% lend?
All the best,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
thanks for your reply, I am aware of the extra costs.
I have been told as I am an Australian resident currently living in London I will need 20% deposit. This does not bother me as then will not need mortgage insurance.
Thanks
Rob
Live OS…….not love OS.
All makes sense now.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
3 year fixed – 6.57%Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
ahhh sorry for the confusion
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