How to read a payment plan

Down payment, instalments and extra payments: what you pay and when.

A payment plan is a schedule showing what you will pay and on which dates. Understanding it well prevents surprises.

Down payment

A share of the unit price paid at reservation or over a short period. Ask whether it can be split across several cheques.

Instalments

The balance after the down payment is spread over several years. Check the interval between instalments (monthly or quarterly) and the amount of each.

Questions to ask before you sign

• Are there extra payments at handover or for maintenance?
• Can the price or instalment change later?
• What happens if I am late on an instalment?
• Is there a discount for early payment?

Always ask for the payment schedule in writing, with dates and amounts.