There are two ways to qualify for a deposit bond with a term of up to 6 months:
Option 1
Funds to Complete Assessment Option
To get a deposit bond under the ‘funds to complete’ assessment option, you will need to demonstrate that you will have the funds to pay the full purchase price for the property when it comes time to take ownership of it.
You may have a loan approval, or have money tied up in a fixed term deposit or in other investments like shares. All you need to do is show evidence that you will have the funds to pay the full purchase price for the property. Such evidence might include a loan approval and/or term deposit or share statement.
OR
Option 2
Home Equity Assessment Option
To qualify for a deposit bond under the Home Equity assessment option, you will need to have sufficient equity in residential property.
For Deposit Bonds of up to $100,000, you need to have a minimum of 1 times the deposit amount in equity.
For Deposit Bonds of above $100,000, you need to have 3 times the deposit amount in equity.
NOTE: Equity in a property means the difference between the value of the property and any loans secured against it.
To get a Deposit Bond for a longer duration (over 6 months), you must own existing property.
To qualify, you must have 5 times the 10% deposit in equity in property.
EASY 3 STEP PROCESS
to secure your property with a Deposit Power Bond
Step 1
Get a Quote
Step 2
Apply Online
Step 3
Deposit Power issues the Deposit Bond