Aaron WhybrowGeneral Manager, Strategic Mortgage Broker

How to deal with your Deposit - 2. Negotiate to 5%

Name: How to deal with your Deposit - 2. Negotiate to 5%
Uploaded: 2019-04-18T01:54:36Z
Channel: Aaron Whybrow
Description: This short YouTube video (part 2 of a series) features Aaron from Diagnostics and Finance advising buyers who lack a full 10% cash deposit that they can…

18 Apr 2019

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This short YouTube video (part 2 of a series) features Aaron from Diagnostics and Finance advising buyers who lack a full 10% cash deposit that they can often negotiate the deposit down to 5%. He recommends negotiating via your solicitor or directly with the agent and getting the reduced deposit written into the contract legally. He cites Sydney (properties around AUD ~1M+) as an example where 10% deposits can be burdensome; a 5% deposit can ease the cash burden and help manage funds until settlement.

Questions this video answers

Aaron Whybrow (Diagnostics and Finance)

10% cash deposit

5% deposit

Sydney (properties around AUD ~1M+)

Negotiate through your solicitor or directly with the agent and have the reduced deposit written into the contract legally.

Deposit, deposit, deposit. Hey, it's Aaron from Diagnostics and Finance. This is the part two. First part was if you have cash deposit of around 10%, it is by far the easiest way to exchange on a property. If you don't have that, you have two more options. One is to negotiate the deposit down. So in Sydney, for example, with property prices up around that million dollar mark, more than that, deposits can get quite high. And if you're relying on another property and you've got some cash saved up, you may not have a full 10% right now. So you can go and negotiate through your solicitor or direct to the agent and then get it written up legally that you can exchange on a 5% deposit. So that can make it a lot easier and still a lot cheaper and easier for you to put cash forward and there's no further cost there. That can help balance your money out a little bit more right up until settlement as well. So part two, negotiate on your deposit and you can probably get it down to 5%. All right, have fun.