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How broker Erkan Mentesh helped clients secure an off-the-plan investment property without tying up any cash.
Deposit Power x FinZoo Pty Ltd and Max Loans Pty Ltd
Key takeaways:
- Mortgage broker Erkan Mentesh, Director of FinZoo Pty Ltd and Max Loans Pty Ltd, helped his clients to secure an off-the-plan investment property using a deposit bond.
- The deposit bond allowed his clients to avoid tying up $21,750 in cash in a trust. Instead, they were able to keep their funds in their offset account to save on their interest payments while still securing their new property.
- Erkan’s investor clients benefited from a quick, cost-effective and stress-free solution that removed the need to liquidate other assets with a long-term bond (30 months/2.5 years) from Deposit Power, for a one-off fee of $1,632.
Property details:
- Purchase price: $435,000
- Deposit amount: $21,750
- Type of property: Off-the- plan
- Purchase type: Investment property
- Location: Hervey Bay, QLD
- Settlement term: 2.5 years
$1,632
One-off fee upfront.
$21,750
Kept in offset & reducing their mortgage payments.
Fast Approval in Hours
Same day turnaround from application to approval.
The challenge: Protecting cash flow and avoiding delays
Nikita and Jason (their names have been changed to protect the clients privacy) are property investors who came to Erkan for advice about buying an investment property off-the-plan. They wanted to know what their borrowing capacity was and sought Erkan’s expertise about getting a loan.
The price of the investment property they were considering was $435,000, which required a $21,750 (5%) deposit to secure.
The challenge was:
- they didn’t want to use cash from their offset account or
- spend time on refinancing or selling assets.
Their goal was to move quickly to secure the property in Hervey Bay, without compromising their long term financial strategy. Nikita and Jason wanted to keep all the money in their account for now while also taking the opportunity to buy the property in Hervey Bay.
“I recommend Deposit Power for any broker who has clients that are buying off-the-plan or house and land packages, or have their deposit locked up during the purchase process. Deposit bonds are also good to protect the client from developers that could go belly up before settlement.”
The solution: Deposit bonds - the simple and cost-effective alternative to cash deposits
Erkan recommended Nikita and Jason use a long-term bond (30 months/2.5 years) from Deposit Power, for a one-off fee of $1,632. This approach enabled them to secure the property without touching the $21,750 in their offset account, continuing to reduce interest on their existing mortgage.
Once a deposit bond is used, it secures the property all the way through to settlement, regardless of how much the property value increases. Even if the price rises over time (e.g. by 20%) the buyer doesn’t need to get a new bond, or provide any extra cash upfront for the deposit. The original deposit bond remains in place right up to settlement.
Another benefit of using Deposit Power is that it’s faster to get a deposit bond than it is to refinance other investments or apply for a loan. This was a big advantage for Nikita and Jason, who needed to move quickly.
A successful outcome: Nikita and Jason secured their investment property without draining their savings
Nikita and Jason were thrilled with the outcome, as they were able to secure their off-the-plan investment property with a deposit bond for only a small fee, and keep their $21,750 in their offset account reducing their mortgage repayments. They were able to move quickly to secure the property without needing to liquify their other investments or tie up their cash for a long period.
This was a major win for everyone, made possible by Deposit Power and Erkan’s professional expertise.
Broker benefits and business growth
Erkan recommends Deposit Power to other mortgage brokers, remarking:
“The application process with Deposit Power is extremely simple as they are online which is easier, giving brokers the option of saving their application and coming back to continue it later.”
Erkan was able to confidently recommend Deposit Power to Nikita and Jason because the pricing is competitive and the customer service is “responsive and helpful”. He understands that deposit bonds let brokers secure a future loan and is an added income stream.
By partnering with Deposit Power, Erkan has:
- built stronger relationships with his clients
- also brought in more revenue for both his broking businesses.
About Erkan
Erkan Mentesh spent many years working as an accountant before becoming a mortgage broker, offering his expertise to clients throughout Australia. Driven by a passion for securing the best possible financial outcomes for his clients, his areas of expertise are:
- Finding optimal financial solutions for residential property investors
- Helping his clients refinance their loans to secure better terms and rates
- Helping clients consolidate their debts to improve their financial health
Visit our broker hub to find out how to partner with Deposit Power.
You can also visit our frequently asked questions page to learn more about deposit bonds.
Why choose Deposit Power Bonds?
If you can afford the property, we’ll cover the deposit.
Move Quickly
Avoid the hassle of selling other investments or rushing to gather a deposit.
Qualify Easily
With sufficient equity or capital, secure your digital bond online in just minutes.
Grow Your Savings
Keep your cash deposit earning for you in other investments until settlement.
No Upfront Fees
Pay only when your deposit bond is approved—no money trapped upfront.
Helpful Service
Our Sydney-based customer success team is here to assist, ensuring bond approval in minutes.
