Deposit Bonds

The biggest concern for most people purchasing a home – is not having the funds for their deposit. If you are one of these people, and don’t have enough money for your deposit, Finance Connect can organise one for you through a company called Deposit Power who provide a guarantee, or bond, that substitutes for the cash deposit between signing contracts and settlements.

You can use a deposit bond at an auction or on a private treaty sale and they can be issued as part of the deposit or for the whole amount, to a maximum 10% of the purchase price.

A bond will cost you approximately 1.2% of the amount required for your deposit.

From the time you sign the forms and payment instructions for your order we can have the bond guarantee to you within 3 hours.

• When does the Guarantee expire or terminate?
  The Deposit Power Guarantee ceases when the Contract of Sale is completed, terminated, rescinded or the expiry date occurs, whichever happens first. The Guarantee also terminates when a claim is paid by Vero Insurance Limited (the Guarantor).

• Can I obtain a refund if I don't use the Guarantee?
  Yes. If you return the unused, original Guarantee Certificate within 30 days of issue, the fee charged will be partially refunded. An administration fee will be deducted and the balance will be mailed to you.