What is a Deposit Guarantee
A Deposit Power Deposit Guarantee acts as a substitute for the cash deposit required by the purchaser between signing a contract of sale and settlement on a property. It acts as a guarantee of the deposit payment. At settlement, the purchaser simply pays the full purchase price including the deposit.
Deposit Guarantees can sometimes be referred to as Deposit Bonds.
Deposit Guarantees are widely accepted and trusted throughout Australia as a means of securing a property purchase. In fact, Deposit Power has helped over one million buyers and sellers in the property sale process. Deposit guarantees are legal in every state and territory across Australia.
A Deposit Guarantee can be issued for all or part of the deposit amount required, up to 10% of the purchase price.
Deposit Power Deposit Guarantees can be issued to purchase most types of properties with settlement terms to match the needs of the purchaser. Most property purchases settle within 6 months or sooner but there are many other situations that require a longer settlement term, such as properties under construction and off-the-plan purchases.
Deposit Guarantees are economical with only a one-off fee required. There are no ongoing fees or interest charges. The fee varies depending on the term of the Deposit Guarantee and the amount required.
The fee for a Short-Term Guarantee is only 1.3% of the Guarantee amount. So, the fee for a Guarantee of $50,000 will only be $650.
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