How to qualify and apply for a deposit bond
We put you in the game by depositing the buying power into your hands. If you can afford the property, we’ll cover the deposit.
How to qualify for a deposit bond
Getting approved for a deposit bond is simpler than you might think. Deposit Power offers flexible options to suit your situation, whether you need a short-term bond for a quick settlement or a longer-term solution for an off-the-plan purchase.
Short-term bonds
Short-term deposit bonds are perfect for auctions and properties with shorter settlement periods up to 6 months. Most applications for short-term bonds are approved instantly online. You can qualify through either:
Option 1
The Fast Track
Funds to Complete Assessment Option
All you need to do is show us evidence that you will have the funds to complete the purchase such as:
- loan approval letter
- savings statement
- evidence of a financial gift
Option 2
Home Equity Assessment
Own Property with Equity Option
To qualify under this option, you must:
- own existing property with sufficient equity
- 1 x the deposit amount in equity for bonds of up to $150,000
- 2 x the deposit amount in equity for bonds over $150,000
Long-term bonds
Long-term deposit bonds are ideal for extended settlements and off-the-plan properties with with a term of up to 5.5 years.
Long-term
Long-term bonds
Home Equity Assessment Option
To qualify, for a long-term bond you must have equity of:
- 3 x the 10% deposit amount for bonds from 7 - 24 months
- 4 x the 10% deposit amount for bonds from 25 - 36 months
- 5 x the 10% deposit amount for bonds from 37 - 66 months
How to apply for a Deposit Power bond
It’s common… you’ve found the ideal property but lack the full cash deposit or don’t wish to tie up your funds while selling your current property. Don’t worry: with a deposit bond, you can prepare for a purchase, even without a full deposit.
It’s that simple.
1. Get a quote
Use our online quote calculator and enter a few basic details about your property purchase. You can choose the bond term that works best for you, and you’ll instantly see your deposit bond fee. No commitment required – just fast, transparent pricing at your fingertips.
2. Receive digital approval
Once you submit your application with the required documents, approval is typically instant for short-term bonds. Long-term bonds may take a few hours if we need additional information. Either way, you’ll know exactly where you stand without a lengthy wait.
3. Pay the one-off fee
After approval, simply pay your one-time fee securely online. Your digital deposit bond will be delivered instantly to your device, including a QR code. No printing required – you can present your bond to the agent right away.
Ready to secure your property? Get a quote now.
What is a deposit bond?
Everything you need to know about deposit bonds.
What is a deposit bond?
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What is a deposit bond?
A deposit bond is a substitute for the cash deposit required when purchasing a property. The deposit bond can be for any amount up to 10% of the purchase price. At settlement, the purchaser simply pays the full purchase price of the property.
Why would I need a deposit bond?
Our deposit bonds are used in place of a standard cash deposit. Accepted, secure and so, so simple….
There are many reasons why you can benefit from using a Deposit Power bond:
- If your cash is tied up in other investments, you can use a deposit bond as a substitute to secure your property.
- When attending auctions, a deposit bond can be used to secure your purchase, you don’t need to have the cash ready at the time.
- A much better option compared to a slow, costly and cash backed bank guarantee.
- Fast – you can get your Deposit Power bond within seconds of the bond being issued.
- Save thousands! Where settlement is more than 6 months away, customers are far better off leaving their cash in either their home loan offset or in a high interest saving account.
- It’s safe! If the development is not completed your cash is not at risk.
- Secure and trusted – Deposit Power bonds are "AA-" (Very Strong) rated, secure, trusted and widely accepted.
How can I apply for a deposit bond?
Applicants can either apply directly on this website or through an accredited Deposit Power mortgage broker, conveyancer, lender or finance specialist.
How quickly can I get a deposit bond?
Simply submit your application online and you will get an immediate response. Our deposit bonds are digital and delivered to you within seconds of being issued.
What is the fee for a deposit bond?
Deposit Power charges a one-off fee to issue the deposit bond. There are no other fees or ongoing charges involved.
The fee for a short-term deposit bond (with a term of up to 6 months), is calculated as a percentage of the deposit bond amount. Fees for long-term deposit bonds are based on the deposit bond amount and term required.
You can get a fee quote by clicking on the “Get a quote” button on this website.