The Easy Way to Pay Your Property Deposit

deposit bonds

The Easy Way to Pay Your Property Deposit

Deposit Bond?

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A deposit bond – which is a substitute for a traditional cash deposit – can be a great option for anyone who wants to buy a property but either doesn’t have the cash deposit on hand or would prefer to deploy that cash elsewhere. The deposit bond can be used to cover up to 10% of the purchase price. At settlement, the purchaser simply pays the full purchase price of the property.

Why Would I Use a Deposit Bond?

You might use a deposit bond if you don’t have the cash deposit available at the time of exchange. Often people can have their cash tied up in other investments and are unable to access those funds at short notice. You might also prefer a deposit bond over a cash deposit if you were buying a property with a long settlement; that way, instead of having the money languishing in the agent’s bank account for months, you could deploy that cash elsewhere.

Why Would I Use a Deposit Bond?

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At Azura Financial, our award winning team’s number one objective is to empower our clients to strategically navigate the lending landscape and achieve their goals.

Getting a Deposit Bond is Fast and Easy

Azura Financial can help you secure a deposit bond. The whole process – from applying for the bond to receiving it digitally – can be done within a matter of hours. You would choose a short-term bond if you were expecting to settle within six months or a long- term bond if you needed up to 66 months (for example, if you were buying an off-the-plan property or a house-and-land package).

Can You Always Use A Deposit Bond?

The deposit bond is legally valid and available in all states and territories in Australia. However, a vendor can insist on cash rather than a deposit bond if they desire. Your solicitor/conveyancer must confirm and agree with the vendor that a deposit bond is acceptable prior to you bidding at auction or signing a contract.

Getting a Deposit Bond is Fast and Easy

Can You Always Use A Deposit Bond?

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"Using Azura Financial Mortgage Broker was a no brainer. They gave us so much support and guidance in what was truly meant to be a really stressful time. They were communicative, available and eased our nerves. All questions were answered swiftly, they worked in our best interest and were so lovely to have on our team while purchasing our first property. We have already referred them to several of our family and friends. Thank you for all your help during this process guys."

Alexandra Batorowicz

September 2024

deposit bonds