Search results

off the plan we could not get a 90% loan now, but we could probably get a 80% loan, so maybe we could get the additional 10% on time, but we would be stretched financially. Given the current outlook in the world and given the massive deleveraging process that is taking place and that just...

LilSkater Fair point, but what I meant was, if it was more or less a wash for the developer, would they do it? I guess property prices in Oz has gone up for so long so noone has ever thought about walking away from a deposit since you were more or less assured of making money if you just took...

boomtown & Aaron c thxs for good advice. I agree they could sue us, but would it be worth the hassle for them? Its not millions we are talkinga bout here. If I wanted to flip the contract, should I go to a local estate agent or do you think I should approach the same company who sold us the...

Reply to Aaron C our deposit was 45k (initial price was 450k), so if they resell it for less than 405k they can sue us for the balance?

We bought an off the plan apt in Melbourne in 2010 and settlement is in early 2013. We initially paid 10% deposit, but as it stands now we cant get a loan for the other 90%. What will happen if we dont get the loan? Apart from losing the 10% deposi,t are there any other things to consider?