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Deposit
the total of a borrower’s contribution to a property. Can also refer to the amount paid at exchange of contracts.
Types of deposits include; savings Bank Account, Current Deposit Account, Fixed Deposit Account, Recurring Deposit Account.
Learn MoreRefers to the Financial Claims Scheme (FCS) which provides protection to depositors of up to $250,000 per account-holder per authorised deposit-taking institution (ADI).
Learn MoreThe holding deposit is paid to a vendor which is usually 25% but is negotiable. This occurs prior to any paperwork being signed to determine how serious the buyer is about buying the property.
Learn MoreIf you exchange contracts without a finance clause and your formal approval falls through, you could potentially lose your deposit and the vendor can sue you for damages.
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