Generally when purchasing land you require 10% of the purchase price for a deposit. The balance of the purchase price is not payable until the new land title is registered, often in 6–12 months time. Be sure to ask your land agent when title registration is due. When buying a House and Land package, generally a 5% deposit on the land and 5% deposit on the home is accepted.
Your bank or mortgage broker thoroughly understands this process and will help guide you through this, they can even organise pre-approval which can save you time in the long run.