First-time buyer May faces $40,000 shortfall as developer Bathla collapse threatens agreed deposit discount
A first-generation Filipino-Australian couple is unable to proceed with their home purchase after the developer Bathla collapsed, leaving a promised 5 per cent settlement discount at risk and creating a $40,000 funding gap.
May agreed to purchase a $789,000 off-the-plan apartment in north-west Sydney in 2023. The deal included an agreement where May pays an initial deposit and the developer contributes an additional 5 per cent at settlement, valued at $39,450. Communications between May and her sales agent confirm the arrangement described as a discount contribution. Three years later, the apartment remains under construction while the developer Bathla has collapsed. There is no guarantee the developer's financial contribution will apply. May stated she struggled to save enough for a large deposit initially. She found the Marsden Park development through a Filipino community Facebook page promoting low-deposit home ownership options with exchange contracts as low as $5,600 and interest-free payment plans. Agents from Paragon Realty Group facilitated meeting with May regarding the discount terms at settlement.
