Home Loans Home loan I am looking at a block of fla
I am looking at a block of flats to buy 4 of them. Is there a way that the seller can provide the deposit for example if the price is $270,000 have a price of $295,000 on the contract and him put up the $25k. Or any other way without him putting up the $25k upfront?,    Matt W
Reply | Replied by : Bernie and 2 others

  • Lindsay


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    Hi Matt, Are you saying you don't want to put in a deposit or you don't actually have any funds to put towards a deposit? Any lender is going to want to see that you have funds to complete the purchase, a deposit bond can assist if you don't have access to the funds right now but will have the funds prior to settlement, e.g using equity from another property via refinance/equity release.

  • Matt


    Hi Bernie Looking at all options. I don't want to put in a deposit owner will help out but not a family member

  • Bernie


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    Hi Matt, I don't quite understand your question. Are you looking for a way to purchase without having the deposit yourself? One thing to remember is that if the contract price is $295,000, a lender will do their own valuation on the property will only lend on the valuation. If the actual value is $295,000 and the seller only wants $270,000, if the seller is a family member, you may be able to purchase under what is called a favourable purchase. I would need to discuss it further with you. My contact details are on my HashChing profile.

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