5 ways to sweeten your home buying deal

Published on December 4th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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So, you’re interested in buying a property – that’s great! But you want a better deal and – here’s the catch – you don’t want to pay more. Is that possible? Actually, it is. There are several ways in which you can “sweeten” a deal. Negotiating (also known as the colloquial “haggling”) can be about things other than money. So, here are 5 different ways to make that deal sweeter, without paying more out of pocket.

Put down a bigger deposit

Putting down a bigger deposit than the vendor had anticipated will impress them, without a doubt. Why? Because that makes you a “safer” bet, in their eyes. You see, a bid deposit is a sign that you mean business, and you’re not playing around. You are serious and willing to put your money where your mouth is. The deposit is safely squirreled away in the agent’s trust account up until the transaction is over, which means no one can touch it. This can be a valuable move because it may help the vendor make a final decision between you and another buyer in your favour.

Use the agent in your favour

The agent will know what exactly the vendor is looking for. If you find this out, you will be able to adjust your offer accordingly, so that you can secure this deal before someone else does. There’s got to be something that will sway their opinion and make them more likely to sell to you. Maybe they’re interested in an unconditional offer, or perhaps they just want a quick settlement to get it over with. Or maybe a bigger deposit would do the trick. You never know until you ask, so don’t be afraid to ask the agent. They will be able to help you.

Take away their excess stuff

A lot of people who are selling have trouble emptying their entire property. Why? Because they’re moving in another state or maybe even overseas, and they can’t lug around all their belongings. But they might also not be able to get rid of all of it before leaving, so the stuff they leave behind can become an issue. This is where you come in – offer to take the excess baggage! If you don’t necessarily need a completely empty house, and you can repurpose or get rid of the stuff for them, offer that as a deal. More often than not, they will be happy to be rid of that responsibility, so they’ll say yes. Score!

Make an unconditional offer

You need deep pockets for this one, but make them an offer they can’t refuse: an unconditional one. Of course, this can largely depend on the pre-approval from your lender, if you are taking out a mortgage for the sale. Then there’s the evaluation that the lender has to do, before everything is approved, even with a signed contract and all. If you have the funds, though, an unconditional offer can seal the deal.

Offer a good settlement

This is also a case where the selling agent can prove to be of great help – ask them what kind of settlement the vendor is interested in. Short? Long? Something specific, like 30 days or 90, for example? Especially in the pre-Christmas period, vendors usually tend to go for longer settlements, because they want to use the property for summer parties and such. Find out and offer them exactly what they want.

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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

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The interest rate, comparison rate, fees and monthly repayments will depend on factors specific to your profile, such as your financial situation, as well as others, such as the loan’s size and your chosen repayment term. Costs such as broker fees, redraw fees or early repayment fees, and cost savings such as fee waivers, aren’t included in the comparison rate but may influence the cost of the loan. Different terms, fees or other loan amounts may result in a different comparison rate.

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