Tuesday, 14 October 2014

Delay paying your deposit with a deposit bond

Deposit Protect Bond

Delay paying your deposit with a deposit bond

If you need a deposit for a property but your money isn’t immediately available, a Deposit Protect Bond (also known as a deposit bond) gives you a substitute for a cash deposit until settlement. It’s useful if you have cash tied up a term deposit, your current home or other investments and need more time to convert your assets to cash.

How a deposit bond can benefit you

  • It's quick and easy to arrange 
  • It's economical – you only pay a one off fee 
  • It's flexible – you can use it at multiple auctions, purchasing land, residential or commercial properties. 

Who can use a deposit bond?

  • A property owner wanting to buy another property 
  • An investor wanting to expand their portfolio 
  • A first home buyer. 

Who can apply for a deposit bond?

  • Australian citizens 
  • Permanent residents. 

Settlement terms

  • A Deposit Protect Bond can be issued for up to 10% of the purchase price of your property 
  • Short term guarantees are available for settlement terms up to 6 months.

Contact us

Talk to a Westpac home loan expert on 131 900 for more details.