QLD Deposit

What is a common deposit money in QLD to make an offer. In NSW we put 0.25% how much in QLD? An agent has sent me a contract copy with deposit money as 10K.

WTF?

 

For my latest purchase (settles next Wednesday), I handed over $1k on signing of contract and increased the deposit to 2% of purchase price when the contract went unconditional.

 

1k deposit until settlement for my Qld IP

 

I second this. I don't have spare capital laying around. It's invested.


Jeremy

 

I tend to put as little as possible down - if you don't like what's in the contract, change it.

 

I feel it depends on the purchase price.

If you are buying a $200k block of land, $1k might be accepted.

If it is a $3M PPOR, $1k might not be accepted and you might be pushed to increase your deposit.

 

Just tell them you will pay 1k or 2k and they will be fine.

 

Generally there's a $1k deposit when your offer is accepted - then a larger deposit is payable once contracts go unconditional.

Cheers

Jamie

 

I usually note a figure like $1k in the contract, but don't transfer it until they accept.

 

You can go as low as the vendor is prepared to sign off on.
Marg

 

The bare minimum is 1k initial deposit until settlement. In my recent purchase however I offered a 10k balance deposit upon unconditional to strengthen my offer. Do seek legal advice though, I only did it because I knew finance was not going to be a problem.

 

Balance deposit should never exceed 10% either as it becomes an "installment contract". Unsure of the implications of this.

 

I prefer to put an amount rather than a %.
% amount could change depending on factors such as B&P results.

 

I always insist on enough at unconditional to pay the agent commission in case the sale does not go through. Agent still entitled to commission. Seen it happen recently.
Marg

 

Typically the REA will want to make sure there is enough in the total deposit that they still get paid.

As @kierank mentioned before it depends on what you are purchasing as a 3M place is highly unlikely to be accepted on a 1k deposit.

Typically 1K initial is to pay the cooling off fee if you do use it and then enough to pay the fees due by the REA for the full deposit.

Also be mindful that if you put down $20,000 deposit and you pay 1k deposit then 4k and then another 5k later it could also be deemed as an installment contract.

 

Totally agree. In my contract, it did specify an actual amount. The total deposit was equal to 2% of the purchase price.

 

That's the ticket.
Where does that saying come from?
Hmm...

 

Made many offers, no money, some ask for something to see if your serious, 10k down to make an offer..... they are pulling your chain or have too much interest, or you got something wrong.

If offer accepted, 1k is common.

In NSW you do not pay .25 for an offer either.

 

We paid 1k with contract and 14k once it went unconditional. Had the usual "conditional on finance with x bank" clause so size of the deposit wasn't a big issue really.