Frequently Asked Questions
What is Preposit ?
Preposit is a unique initiative created by Apartments WA to help people save for their deposit, whilst being able to live in the apartment at the same time.
So how does it work?
We help you find your dream apartment and then introduce you to our finance experts to work out how much you can afford to borrow. The difference between the purchase price and what you can borrow is the deposit you’ll need to save. Once you receive finance pre-approval to purchase the apartment, we give you the keys to move in and you start saving for your deposit in weekly payments. We then store away these payments away until your deposit amount is achieved, which we give back to you as your deposit toward purchasing the apartment.
Is there a minimum amount required to qualify for Preposit?
No. Everyone’s individual situation is different, and we’ll work through finding the best solution for you.
What properties is Preposit applied to?
We have a range of apartments in selected areas across Perth currently available.
Does the purchase price stay the same or does it change with the market?
The purchase price is set at the beginning of the agreement and does not change while you live in the apartment.
Is this a Government Scheme or Shared Equity?
No. Apartments WA understands that saving for a deposit is one of the biggest hurdles when looking to buy a property. And we want to help.
What are the terms and conditions?
You need to be approved for a loan to purchase the property. To do this, you will need to undertake a financial assessment with The Loan Co to determine your borrowing capacity*. Depending on which lender the finance is obtained from, they will provide you with the standard PDS (Product Disclosure Statement) documentation. * Finance provided by Harrisdale Pty Ltd t/as The Loan Company (Australian Credit Licence No 386355).
Sounds too good. What’s the catch?
There’s no catch. You agree to purchase the property upfront, and then get to move in whilst you save for your deposit. Once you’ve reach your deposit amount, you settle on the apartment and then its yours.
How do i know if i eligible?
To find out if you qualify, simply provide us with a few short details below, it couldn’t be any easier!