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Purchasing without a Cash Deposit

Couple purchased without Cash DepositWe’re eager to share with you how one of our couples were able to secure their dream apartment at Outlook Mission Bay without needing to sell their own home to provide a cash deposit.

We met in April 2018 and they instantly loved what they saw at Outlook Mission Bay. Unfortunately, they didn’t have the ability to buy off the plans without selling their home to pay the 10% deposit.

The couple didn’t want to miss out on the opportunity but were also not keen on rushing the sale of their current home.

After a few weeks of testing the market, they started to face the reality of losing their dream apartment in Outlook Mission Bay.

At this point, we suggested to meet to discuss alternative options to secure their apartment without selling their existing home. As it turns out they really didn’t want to sell but didn’t feel there were any alternative options available to them.

From our conversations, it seemed like a bank bond could be an option. They decided to meet with their bank armed with all the required documents and within a short time, they had their deposit arranged without having to sell.

The major banks can offer purchasers a bank bond which satisfies deposit terms by using a portion of equity in your existing home.

Thankfully the couple have now been able to secure their next move to Outlook Mission Bay and won’t have to sell their home until closer to completion of their new apartment.

If you’re thinking about an Outlook apartment and would prefer not to use a cash deposit, a bank bond may be an option for you. Contact us to have an initial chat to find out if this option may be suitable for you.

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