Deposit for settlement

[mwac]

I'm in the process of looking for a house to buy. When it comes to paying the 10% deposit (and the rest upon settlement) what are the ways that it can be paid in a timely manner for my situation?

My deposit (savings) are held in an online only savings account with ING Direct, so the account is no-frills (no cheques and no transfers to non-linked accounts over $20,000)This would be an issue to pay the deposit in a timely manner


I also have a savings account linked to my NAB transaction account. By transferring the money to the NAB savings account, would this affect the loan approval process as the new funds wouldn't be in that account for 3 months???? (I have pre-approval). I believe I can get a cheque from NAB (and use this cheques to pay the 10% and settlement), if the deposit is in the NAB account.

 

[Mick C]

Genuine sayings requirement is the money needs to be in YOUR account(s) for min 3 month...doesn't need to be in one acct....so it's fine to transfer money btw your OWN account as long as you can prove it over a 3 month period.

This is common for term deposit...where people move it around every 1 month.

So yes can transfer to NAB and use that branch service and cheque service as required.

 

[Marty McDonald]

Hi mwac,

You can get ING to do the transfer for you (ie increase on the daily limit as a one off) or they can actually issue cheques I believe if you ask them. First option is better and don't leave it till the day before you settle give yourself a week at least in case you have cleared funds issues.

Re the saving history. Just make it clean ie don't transfer from ING to a third bank then to Nab with all different amounts. It should ideally go straight from ING to the Nab account in one hit.

 

[mwac]

Thank you.

 

[Terry_w]

Do an internet transfer into the agent trust account.

 

[tj22]

terry can i ask you a mortgage broking question over the phone? its to much to write.