💸 What is a Deposit Bond?

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What is a Deposit Bond?

What is a Deposit Bond and how can it help you?

What do you do if you are faced with a sudden brilliant investment option such as a great opportunity to purchase an off the plan apartment, but you don't have the deposit cash lying around because its tied up in shares or property or you simply want to keep the cash earning interest in your own bank instead of the developers?

A Deposit Bond is a great solution for you, as it allows for flexibility in paying a deposit, upfront as a bond. Allowing you to secure your property now, while you keep your deposit and only hand it over at settlement. It is essentially a third party insuring a property in a development, that you will pay the deposit at settlement.

It works by paying a one off fee to the deposit bond insurer, of around 0.5% - 1.3% of the deposit amount. If you are a first home buyer, to be eligible you must have a bank's finance approval already, or a family guarantor at the ready.

Alternatively, if you are selling a property and waiting for the funds to come through from that sale, a deposit bond is an excellent option. It is a much more streamlined process than selling shares, property or accessing superannuation to provide the deposit in those early stages of property buying, allowing you the time to make the best financial decisions for your future.

Contact us today to discuss if you are eligble.

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