Hi
My intention was to pay the 10% deposit with a deposit bond (off the plan, settlement 2015). I had verified the options with my broker, bond costs, etc...all good. Signed the contract, and now, AFTER signing the contract, the broker came with: "you need to demonstrate equity in other property equivalent to 50% of the purchase price to qualify for a bond", which I don't have.
How come the broker didn't know this and informed me BEFORE ?
Now i gotta put down the deposit in cash.
I lost confidence in the broker. Is it true that i cannot get a deposit bond because i need equity in other prop ?
I have enough cash, but prefer to invest it and go with the bond option....can't i back up the bond with my own cash invested in a term deposit of the issuer for instance ?
Thanks for advice
a.
My intention was to pay the 10% deposit with a deposit bond (off the plan, settlement 2015). I had verified the options with my broker, bond costs, etc...all good. Signed the contract, and now, AFTER signing the contract, the broker came with: "you need to demonstrate equity in other property equivalent to 50% of the purchase price to qualify for a bond", which I don't have.
How come the broker didn't know this and informed me BEFORE ?
Now i gotta put down the deposit in cash.
I lost confidence in the broker. Is it true that i cannot get a deposit bond because i need equity in other prop ?
I have enough cash, but prefer to invest it and go with the bond option....can't i back up the bond with my own cash invested in a term deposit of the issuer for instance ?
Thanks for advice
a.