ENAYBL Deposit Bond Qualifying Guidelines
Deposit Bond Qualifying Guidelines
ENAYBL Deposit Solutions has qualifying options based on the settelement period that are applicable when buyers are purchasing a property. Please note that additional requirements may apply depending on individual buyer circumstances.
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.
- 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.
- 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.
Unregistered ‘off the plan’ properties settling in up to 66 months
ENAYBL Deposit Solutions has the following qualifying requirements for buyers when purchasing unregistered ‘off the plan’ properties settling in up to 66 months.
- Applies to applicants who are purchasing a property off the plan where the title is not yet registered and settlement is more than 6 months away.
- Buyers qualify based simply on the equity in their existing Australian held property.
- No need for income verification or loan serviceability.
- The net equity required in an existing property varies depending on the term of the deposit bond required and can be summarised below:
- 7 to 24 month deposit bond term – 3 x 10% of the purchase price in net equity.
- 25 to 36 month deposit bond term – 4 x 10% of the purchase price in net equity.
- 37 to 66 month deposit bond term – 5 x 10% of the purchase price in net equity.
- Up to 20% of the net equity requirement can be supported by ASX shares including those held in superannuation.
NOTE: The above Qualifying Guidelines are to be used as a guide. Additional requirements may apply depending on individual buyer circumstances.
