Hi all,
Previously I posted that I was looking at OTPs in Canberra and today I was allocated an apartment in a new development today.
I think I will be going for it!
Any tips for new players?
I am particularly worried that on exchange (in 2 weeks) I will need to hand over 5% deposit and this will reduce my savings. Will this affect my ability to get a loan when settlement comes around? My MB said that I only need to show 5% genuine savings at that point and they will take the deposit I already paid into account. Is this true??
Also should I do my own valuation now before signing the contract? My MB said this was a bit of a waste of time. It will hold no weight with the bank when it's time to apply for a loan. It's the risk I have to take...
I know OTP is risky but in Canberra it does present one of the best ways to get a bit more with your money...
Any hints or opinions appreciated
Previously I posted that I was looking at OTPs in Canberra and today I was allocated an apartment in a new development today.
I think I will be going for it!
Any tips for new players?
I am particularly worried that on exchange (in 2 weeks) I will need to hand over 5% deposit and this will reduce my savings. Will this affect my ability to get a loan when settlement comes around? My MB said that I only need to show 5% genuine savings at that point and they will take the deposit I already paid into account. Is this true??
Also should I do my own valuation now before signing the contract? My MB said this was a bit of a waste of time. It will hold no weight with the bank when it's time to apply for a loan. It's the risk I have to take...
I know OTP is risky but in Canberra it does present one of the best ways to get a bit more with your money...
Any hints or opinions appreciated
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