Learn about what a deposit bond is, how it can help you and how much it costs.
The path to owning your first property can be an exciting but challenging time. While deciding on suburbs, features and decorating is fun - sorting out your deposit can be tough.
Once you’ve found a property you love and can afford, you may need to move quickly to get your 10% cash deposit ready.
When you simply don’t have enough cash sitting at the bank, a deposit bond might be a solution to ensure you don’t miss out.
Think of a deposit bond as an IOU for the deposit amount you need to secure your property. You use the deposit bond in place of the cash deposit required between signing the contract of sale and settlement.
Just like a cash deposit, a deposit bond guarantees your commitment to an unconditional contract of sale. Then, at settlement, you pay the full purchase price, including the deposit amount and other costs (stamp duty, etc).
To see if a deposit bond might work for you, speak with your Aussie Broker. They can also help you to organise your deposit bond through our partner, Deposit Assure.