Understanding reservation fees and payment schedules

The reservation fee

The reservation fee takes the unit off the market and holds it in your name while you complete your documents (typically around 30 days). It varies by project and sometimes by unit, and is deducted from the total contract price. Reservation fees are generally non-refundable, as stated in the Reservation Agreement.

The downpayment

After reservation, you receive a Statement of Account / payment schedule showing due dates and amounts. The downpayment (often 10–20% of the price, depending on the promo) is usually spread across monthly instalments during construction. Some buyers pay it in one lump sum for a discount.

The balance

• Bank financing — apply near the end of the downpayment term; banks assess income and may have rules for overseas applicants.
• In-house financing — through the developer, usually easier to qualify for but at a higher interest rate.
• Cash / spot payment — often attracts the largest discount.

Paying in pesos from Australia

Your contract is in Philippine pesos. If the Australian dollar weakens, each instalment costs more in AUD. Consider building a buffer into your budget, and compare transfer providers — differences in exchange rates and fees add up over a multi-year schedule.

Early occupancy

For pre-selling projects, turnover is normally on full payment. Some projects offer early occupancy once a payment milestone is reached — reported as 5% for Filipino buyers and 10% for non-Filipino buyers. Confirm the current terms for your project.