“We’ve decided on the block we want in Leppington and I’m keen to put a deposit down, but my husband is nervous. We’ve got the deposit money sitting there, but he wants to wait and see what happens with coronavirus first. I don’t want to lose the block, but I need a good argument to convince him we should do it. Any ideas?” - Maxine, Kings Langley Hi Maxie, I know Dave is concerned about job security, and that’s understandable. It’s been great to see this week that Governments are talking about things returning to normal soon; hopefully that means you’re both on more solid ground with your jobs now. You’ve got a few things going for you at the moment, that should help you and Dave decide what’s the best way forward right now – and one of the major factors is time. As your block is currently unregistered, you’ve got time up your sleeve before you need to access your approved finance. It’s going to take approximately six months for roads and services like sewer and power to be connected to your block, and for approval to be given for building to start. Between now and then, all you need to do to secure the block is put down a 10 per cent deposit. We can then start the process of getting the block ready for registration, giving you peace of mind knowing you have secured the block you want and don’t have to worry about paying out more money for several months. Another bonus is that by doing this now, your deposit is working hard for you. As you know, money in the bank is attracting very little interest at the moment with rates so low. Your money will start working for you as a down payment on your property asset. We have a few customers at the moment who are actually stepping up their timeframe on securing land because they know that keeping savings in the bank is actually costing them money. Having said all that, I wouldn’t discount Dave’s reservations out of hand. This is a step you want to take with confidence, knowing that you’re not committing your cash reserves at a time when you may need them in the future. To that end, I’d recommend you speak to Ray at Mint Loans again to get his advice on what will happen with your approved finance if something happens to your jobs. Ray was telling us about one customer recently who was about to start building, when both of them were stood down from their jobs due to COVID-19. The bank looked at their situation and decided to proceed with giving them the finance, deferring payments for six months so the building could start work and they could get through lockdown and back to work. Ultimately, we want you both to be as excited as we are about you securing the block and starting the process. If there’s anything else we can be doing to help you and Dave get there with confidence, let us know. The Rawson Communities Team