Deposit BondsA Deposit Bond replaces the need for a cash deposit when exchanging on a property purchase.
How Does a Deposit Bond Work?
The bond provider issues a Deposit Bond to the vendor of the property and guarantees payment to the vendor of the deposit should the purchaser fail to settle. The bond provider is indemnified by the purchaser for any losses incurred.
Who Can Qualify For a Deposit Bond?
There are several bond providers all with different assessment criteria. In short, you must be able to demonstrate that you have the income and equity to settle the property purchase when settlement falls due.
Who Will Benefit From a Deposit Bond?
- Off the plan purchases up to 48 months.
- Investors funding 100% of the property price.
- Buying at Auction.
- Homebuyers purchasing a new home and haven't sold existing home.
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