Land with 5% deposit

Discussion in 'Investment Strategy' started by macdub, 2nd Aug, 2017.

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  1. macdub

    macdub Well-Known Member

    Joined:
    23rd Jun, 2015
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    Location:
    Melbourne
    Hi All,

    Just wondering if anyone has recently bought a land with 5% deposit around Melbourne areas? If not, does anyone know of estates that still accept 5% deposit for land and allow and/or nominee clause?

    Thanks
     
  2. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
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    Location:
    Canberra, Brisbane and Sunshine Coast
    Are you needing to borrow the remaining 95% ?

    If so - it's quite a risky proposition as there's not a whole lot of lenders that would be keen to hand over the money.

    Cheers

    Jamie
     
  3. ashish1137

    ashish1137 Well-Known Member

    Joined:
    12th Sep, 2015
    Posts:
    703
    Location:
    Sydney
    Previously the developers were taling 5% deposit.
    I myself have booked a couple of lots. However, since the demand has grown past the available stock, almost all the developers have syarted asking 10% to secure a lot.

    Many have also now started to ask 5000 upfront amoint in place of 1000.

    Regards
     
  4. Otie

    Otie Well-Known Member

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    I have noticed they seem to want 10% and unconditional
     
  5. andyboiii

    andyboiii Active Member

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    29th Nov, 2016
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    Location:
    Melbourne
    Usually places like Armstrong Creek (just out of melbourne) ask for 5%.
     
  6. Westie

    Westie Well-Known Member

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    Location:
    Melbourne
    You 'buy' it when it titles and you settle on it. Till then you've just put in a 'holding' deposit of 5%/10%. Most estates ask for 10% these days. Most reputed, big name developers are allowing nominations to immediate family members only. Instead of making 10k, 20k in bits and pieces here and there, study up the strategies of seasoned investors on this forum and build a portfolio of real property. This is where real wealth lies.