Deposit Bond is used in place of the cash deposit the purchaser needs to pay when they sign a contract of sale. It acts as a guarantee of the deposit payment. At settlement, the purchaser simply pays the full purchase price including the deposit.
A Deposit Bond is also known as a Deposit Guarantee.
They 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. They are legal in every state and territory across Australia. It can be issued for all or part of the deposit amount required, up to 10% of the purchase price.
Deposit Power Deposit Bonds 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.
They 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 Bond 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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Deposit Power issues the Deposit Bond
Once a referral is submitted, Deposit Power will contact the customer directly to facilitate the Deposit Guarantee.