When buying a house, you pay the deposit on the property shortly after signing the Offer to Purchase with the seller.
The deposit is not paid directly to the seller, but rather to the transferring attorney or estate agent, who will put it in a trust and keep it safe until the bond registration process is complete.
The deposit usually amounts to 10% of the purchase price. Of course, if you make it higher, you will get a lower interest rate on your home loan, thus saving more in the long-term.
On the other hand, if you’re struggling to scrape together funds for a deposit, there’s the option of a 100% home loan, which removes the need for a deposit.
We can help you acquire a home loan with lower interet rates, freeing up money for the deposit. We achieve this by submitting your home loan application to multiple banks, allowing you to compare the deals they offer and choose the one best suited to your situation. This is one of the benefits of applying for a home loan with ooba Home Loans.