In what situations are deposit bonds usually used?

• The purchase of an off the plan property with a long settlement period.
• When the purchaser's deposit is tied up in investments like shares and managed funds, and is not readily accessable.
• When the purchaser is selling one house and purchasing another simultaneously. In this situation the purchaser's deposit is usually in the form of equity in their existing property.
• When the purchaser has no deposit or a small deposit and is actually taking out a home loan of more than 90% of the purchase price. In this situation the 10% deposit is being borrowed from a lender and won't be available until settlement.
• In general, whenever the deposit cannot be accessed until settlement, and you can prove you will have access to the deposit, a deposit bond can be used.

How do I apply for a deposit bond?

To apply please call us on 1300 66 12 11 or email us. We will send you a 2 page application form that needs to be completed and faxed back to us, along with the required supporting documentation. We will check the application and submit it to our provider for approval.

How much does a deposit bond cost to purchase?

To obtain a quote on a short term or long term deposit bond please visit our deposit bond quote page.

How long does it take to obtain a deposit bond?

A short term deposit bond (up to 6 months) can usually be obtained the same day as you apply, if we have organised your home loan. If you have not organised your home loan through us the turnaround time is generally 24 hours. A long term deposit bond can generally be obtained within 48 hours of the receipt of the application.

What supporting documentation is required to be approved for a short term deposit bond?

• Completed 2 page application form
• Unconditional finance approval letter (can be subject to valuation only)
• If you are contributing funds to the purchase you need to prove you have these funds (e.g. bank statement, share certificate, completed First Home Owners Grant form)
• Contract of sale signed by the purchaser and dated if you are selling a property to finance the new purchase
• Signed contract of sale for property being purchased

If I don't use the deposit bond can I obtain a refund?

You can obtain a refund if the original guarantee certificate is returned to the issuer within 30 days of the date of issue. An administration fee will be deducted from the refund.

Can your deposit bonds be used for the purchase of commercial property?

No. Our deposit bonds can only be used for the purchase of residential property.