logo
  • Home
  • Buying
  • Selling
  • Renting
  • Calculators
  • Our Company
  • Newsletter
  • Blog
  • Links
  • Contact Us
  • 28 Alvina Street, FERNTREE GULLY  VIC  3156

    28 Alvina Street, FERNTREE GULLY VIC 3156

  • 2/24 Flower Street, FERNTREE GULLY  VIC  3156

    2/24 Flower Street, FERNTREE GULLY VIC 3156

  • 16 Como Close, CROYDON  VIC  3136

    16 Como Close, CROYDON VIC 3136

  • 1/31 Alma Avenue, FERNTREE GULLY  VIC  3156

    1/31 Alma Avenue, FERNTREE GULLY VIC 3156

  • 3 Grevillea Avenue, BORONIA  VIC  3155

    3 Grevillea Avenue, BORONIA VIC 3155

Contact Us

(03) 9800 0700

Email: wantirna@hillre.com.au

   

Tweets by @hillrealestate1

Sep 26th, 2013 

If it sounds too good to be true…

Posted By Darren Hill in Blog

In my experience, these “No Deposit” offers require the purchaser to set up a payment program where they spend the next 2-3 years paying into an account to build up the required deposit. They are locked into this agreement, with potential risk of losing any money paid if they wish to get out. In most cases they are also locked into a specific property which increases in cost the longer it takes to reach the required deposit. So in the end, you’re better off just being disciplined and saving the money yourself.

Regardless of whether or not the land owner or builder are happy to forego a full 5% deposit, the lenders in Australia will always want to see a deposit. The current minimum deposit for Australian lenders is 5%, because they will only lend up to 95%.
Potential purchasers also need to account for stamp duty. A rough guide here is 5% of the land (if building) or 5% of the house cost (if purchasing established). So as a general rule of thumb, home owners need 10% of the house cost, minus any stamp duty concessions or grants they are entitled to.
In the end, seek professional advice from a local broker before you consider making an offer. It’s very important to know your numbers (borrowing capacity, deposit required, potential loan repayments) and your broker will help you work through these figures to find what’s comfortable for you.
David Thurmond – Mortgage Choice Berwick http://www.mortgagechoice.com.au/david.thurmond/
Darren Hill
Director/OIEC Wantirna Office
9800 0700
Email
Darren has lived in the local area for over 20 years. Darren Hill the director and founder of Hill Real Estate himself entered into real estate in 1990. The passion for meeting people and helping people is still Darren’s driving force. After starting his career in franchise companies as an awarded salesperson his vision to be a truly independent agent was shortly realised. His continual drive to improve with a prominent central position are the ingredients to achieve the most respected agent in the City Of Knox/Foothills. Darren believes a career in real estate is rewarding for the people you meet who welcome you into their lives and the sobering experiences and maturity gained from those relationships. Darren is a Past President and current active member of Rotary Club of Knox and received a Paul Harris Fellow in recognition of service. Darren’s passions are his family and motor racing. To experience the Hill Real Estate difference please contact Darren on 9800 0700.
Read More
Copyright © 2022 All Rights Reserved Hill Real Estate
Web Site by PC Tune
We use cookies to ensure that we give you the best experience on our website. If you press "OK" and/or scroll down to continue to use this site we will assume that you are happy to accept.OkPrivacy policy