A Deposit Bond comes in the form of a guarantee that is used by the purchaser as a substitute for all or part of the cash deposit given to the vendor when signing a contract of sale.
At settlement, the purchaser is required to pay the total purchase price of the property including the deposit amount that was previously given as a guarantee.
A Deposit Bond does not remove the purchaser’s obligation to pay the deposit…..it simply defers it.
Deposit Bonds are a cost effective and convenient alternative to various forms of short-term lending products.
Deposit Bonds may be used for owner occupied, investment and commercial properties in private sale, auction, and off-the-plan negotiations – fees and conditions apply.