mr.mister Posted January 24, 2015 Share Posted January 24, 2015 (edited) I know it's been done before. :laugh: My partner and I are putting an offer on a property. We have a good deposit ready, however it's in a term deposit maturing in early March. We do have a small amount of savings in an accessible bank account. We're planning on offering either a deposit bond or partial deposit, with the rest payable on maturation of the term deposit. My question is, do we need to make this clear to the agent at the time we make the offer, or once finance has been approved (we have preapproval). Edited January 24, 2015 by mr.mister Link to comment Share on other sites More sharing options...
HazyWal Posted January 24, 2015 Share Posted January 24, 2015 Is this supposed to be in OT? :) Link to comment Share on other sites More sharing options...
mr.mister Posted January 24, 2015 Author Share Posted January 24, 2015 Ah!!! Yes! I was trawling OT wondering why I couldn't find it. Link to comment Share on other sites More sharing options...
HazyWal Posted January 24, 2015 Share Posted January 24, 2015 (edited) It's easy to do and then you think you're going mad when you can't find it :laugh: Edited January 24, 2015 by HazyWal Link to comment Share on other sites More sharing options...
Jemmy Posted January 24, 2015 Share Posted January 24, 2015 I'm no expert, but I'd imagine if you're able to get a deposit bond, then it's really none of the agents business what's going on with your deposit funds. Have you already spoken to your bank about the deposit bond? Link to comment Share on other sites More sharing options...
mr.mister Posted January 24, 2015 Author Share Posted January 24, 2015 I guess I'm curious as to whether the vendor would be prepared to wait for their deposit? We haven't spoken to the bank but I might do that next week. It's all there, we just can't access it yet. Hazy I am always so careful when I post not to post in the wrong spot, and now I've finally done it. :laugh: thought I wac going insane! Link to comment Share on other sites More sharing options...
Jemmy Posted January 24, 2015 Share Posted January 24, 2015 When I bought my house the deposit was held in an account by the real estate and only released at settlement. This is in Tassie though. My lender and my conveyancer were what got me through. I left a voicemail for a conveyancer that had been recommended to me on a Saturday morning, asking if she would represent us. She phoned us back within an hour, and had emailed the real estate by the time we got to their office. We hadn't expected to make an offer so soon but the house caught us by surprise and we couldn't let it pass. In future I'd definitely have the conveyancer BEFORE making an offer :laugh: Link to comment Share on other sites More sharing options...
mr.mister Posted January 24, 2015 Author Share Posted January 24, 2015 Ah yes, that makes sense. And thanks for the heads up about the conveyancing - we need to organise that still! Link to comment Share on other sites More sharing options...
jemappelle Posted January 24, 2015 Share Posted January 24, 2015 You'll pay interest on the deposit bond so it might be worth considering ending your investment early as the penalty might be minor compared to the interest on the bond. Link to comment Share on other sites More sharing options...
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