Threw in cash for deposit - top up wasn't ready in time. Can I "swap" now?

[drg86]

Will restart this thread as I'm in exact same situation now.

Had to pay 5% deposit on Friday with my own cash to secure property. Loan funds came through today (Wednesday). Property settles in 3 weeks.

Is it best for me to pay another 5% with borrowed funds to REA trust now and get them to refund me my cash, or wait till settlement and have it done then?

How did you go Richard? Did it all work out as planned?

 

[Terry_w]

Will restart this thread as I'm in exact same situation now.

Had to pay 5% deposit on Friday with my own cash to secure property. Loan funds came through today (Wednesday). Property settles in 3 weeks.

Is it best for me to pay another 5% with borrowed funds to REA trust now and get them to refund me my cash, or wait till settlement and have it done then?

How did you go Richard? Did it all work out as planned?

Think it thru.

The money in the trust account is still your money. It doesn't get handed over to the vendor until settlement. You are the beneficial owner still.

So you might be able to borrow to pay the full amount at settlement and then direct the real estate agent to pay you back your money held by them as trustee at settlement.

Please get your own legal and tax advice on this.