Existing Registered Title Properties Settling within 6 months
ENAYBL Deposit Solutions provides multiple qualifying options for buyers when purchasing existing properties when the settlement period is less than 6 months.
QUALIFYING OPTION 1 – Funds to Complete
- The buyer needs to demonstrate they will have the funds available to settle on the purchase.
- Acceptable sources of funds can include:
- Unconditional Loan Approval subject to valuation only
- Sale of an existing property
- Cash held on deposit or a term deposit
- Irrevocable cash gift
- Buyer to have 1 x 10% of the purchase price in net equity in an existing property
- If a first home buyer, the same net equity in an acceptable guarantor’s property.
- Equity needed = 2 x 10% of the purchase price in net equity in an existing residential property
QUALIFYING OPTION 2 – Equity in an existing property
- The buyer needs to own an existing property.
- Equity needed = 2 x 10% of the purchase price in net equity in an existing residential property.
NOTE: The above Qualifying Guidelines are to be used as a guide. Additional requirements may apply depending on individual buyer circumstances.
