Established in 1989, Deposit Power is Australia’s longest-standing deposit bond provider and has assisted over one million buyers and sellers in the property sale process. Deposit bonds are widely accepted as a means of securing a property purchase and are utilised by first home buyers, upsizers, downsizers and investors alike for auction, off-the-plan or existing home purchases.
The Guarantor of the Deposit Power product is Lombard Insurance Company Limited (Lombard). Lombard is an international bonding and commercial insurance provider who has been providing underwriting capacity to the Australian insurance market for over 10 years.
In order to provide stakeholders trust and confidence in the Deposit Power product, Lombard have undertaken a number of key initiatives to ensure the Deposit Power product is stronger and more reliable than ever before. This includes the establishment of a custodial fund with Perpetual Corporate Trust Ltd (Perpetual) for the sole purpose of meeting claim payments.
In the event of a claim, Deposit Power (as the Authorised Manager of Lombard) is authorised to process the claim. Upon receipt of a valid claim, Deposit Power have sole authorisation to instruct Perpetual to pay the claim. Such instruction is made independently of and without reference to Lombard. As a result, the claim payment process remains domiciled in Sydney ensuring it is timely and reliable.
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Once a referral is submitted, Deposit Power will contact the customer directly to facilitate the Deposit Guarantee.