Deposit Bonds - If you do not have a cash deposit readily available you can exchange with a Deposit Bond
Austral’s Deposit Power Guarantee (also known as a Deposit Bond) is a fast, convenient and inexpensive way for you to arrange the 10% deposit required when you sign contracts on your new property.
Deposit Bonds are available for standard short term settlements as well as off-the-plan longer term purchases.
The deposit guarantee acts as a substitute for the cash deposit in between signing a contract and settlement of the property. At settlement, the purchaser is required to pay the full purchase price including the deposit.
This provides a low cost, flexible option if your money is tied up at the time of exchange. It’s particularly useful at auctions.
The Deposit Power Guarantee can be issued for all or part of the deposit amount required (up to 10% of the purchase price). You pay the vendor their deposit at settlement. In addition to satisfying the eligibility criteria, all that’s required for a Deposit Power Guarantee is proof of funds to complete the purchase being the loan approval and evidence of savings etc. to meet the balance of purchase price. Normally a Deposit Power Guarantee will be issued within 24 hours of application.
Whether you are buying at auction or from a sale list, a Deposit Power Guarantee can be tailored to meet your needs.
Please Note: Austral Deposit Bond Guarantees are only available to approved loan applicants with Austral Mortgage.