A Deposit Power Deposit Guarantee can help First Homebuyers looking to buy their first property particularly when they may not have the full cash deposit available to them when entering into a contract to purchase. If the vendor requires a full 10% deposit but the first homebuyer does not have immediate access to cash then a Deposit Guarantee can help secure the property. This also applies when the First Homebuyer is seeking help from family with their deposit or for family to act as guarantors of a home loan.
Another benefit is for first homebuyers who may not be able to afford the deposit without an applicable government grant, which cannot be accessed until settlement. A Deposit Guarantee is an effective way to help manage this process.