Hi all,
I know Steve has a section in 0 to 130 re you don’t have to pay a large deposit and I was wondering what most of you put down as a deposit and if small, do you have any issues with the estate agent? I am looking at purchasing an IP but will be borrowing most of the money and therefore don’t want to put a 10% deposit down
Thanks PhilHi Phil
I am in a regional area but the two properties I have purchased locally in the last 2 years I have put only a $5k deposit down and there was no problem. I don’t know whether it was due to the fact that I offered quick settlement in both cases.
Cheers
DinahIn todays buyers market an agent would be a fool not to try to get his vendor to accept a lower deposit.
It is generally the vendors solicitor who insists on the 10%.
This is so that if the buyer defaults there is sufficient monies held for penalty payments, costs etc and noone has to chase you for the rest of it.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
As Simon states the amount of deposit is merely one of the Contract items that you state you are prepared to put down when making an offer against the property.
Other matters for negotiation include the price, settlement dates and general terms and conditions.
With lenders now offering 100% IP loans many clients are putting down limited amount into the deal and therefore looking to offer as little as possible as their deposit.
It is all about negoitation and how keen you are to buy and the vendor is to sell.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Hi Phil,
Feel free and negotiate…don’t be shy, they can only say no.
Kind regards,
Smart CookieFrom reading Steve’s books it seems that some of the deals were done on a $1000 upfront and nothing for 12 months?! (12 month settlement period with access to the property). Am I reading this right?
Would anyone without Steve’s history be able to secure such a deal? even at the asking sale price?
Thanks
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