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Home Loan Deposit

Mon, 2008-04-07 12:00 — wes@ability
Deposit for a home purchase can be made up of three different stages.
  • The total available deposit available to contribute toward the purchase.
  • The holding deposit usually payable when an offer is accepted but prior to the contracts of sale being signed and exchanged.
  • The 5 or 10 percent deposit usually payable following exchange of contracts for sale.
When there is only a limited deposit available a 5 or 10 percent deposit requirement can usually be avoided by obtaining a deposit bond or deposit guarantee.

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