bank Deposit Question

Discussion in 'Loans & Mortgage Brokers' started by AlexFHB, 2nd Feb, 2017.

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  1. AlexFHB

    AlexFHB Member

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    Hi All :)

    Loan for construction and refinance of land combined just went unconditional with Westpac :) YAY!

    I had a question RE paying our deposit to the bank.

    Is it just a matter of organising a bank cheque as that is what we did with the land or is there another way you need to do it when paying a deposit directly to the bank?

    Thanks
     
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    What deposit?

    You don't pay deposits to the bank. If it is the purchase deposit you pay that to the vendor. Your solicitor will either get you to put money in their trust account or instruct you who to make a bank cheque out to.
     
  3. AlexFHB

    AlexFHB Member

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    thanks terry! were building though as mentioned so we will either pay it to the bank or builder :)
     
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    If you alread own the land then you would pay the builder first before the bank starts the progress payments.
     
  5. AlexFHB

    AlexFHB Member

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    Oh ok thanks that makes sense :)
     
  6. tobe

    tobe Well-Known Member

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    Pay the builder, show the bank the payment receipt.