What information is required for an application?
This varies depending on the bond term. However, typically a Deposit Bond can be arranged quite simply by submitting a simple application form and supporting documents including copy of lender’s...
View ArticleWhen does the Deposit Bond terminate?
The Deposit Bond expires on the earliest of: the contract for Sale being completed; the Expiry Date; the Contract for Sale being terminated or rescinded and the purchaser being entitled to a refund of...
View ArticleHow long can a Deposit Bond be arranged for?
Deposit bonds are split into two types: Short term bonds for three and six month periods; these are ideal for purchasers buying at auction. Long term bonds which are generally issued for periods of...
View ArticleWill Vendors accept Deposit Bonds?
Vendors should accept a Deposit Bond in lieu of a cash deposit. However, most Standard Contracts for Sale require a cash deposit to be paid. Therefore, before you agree to purchase a property check...
View ArticleDoes a Deposit Bond replace the deposit?
NO. A deposit bond is a guarantee that the deposit will be paid at a future date. Deposit bonds are underwritten by an insurer that guarantees the vendor that the deposit will be paid in full at...
View ArticleWho can use a Deposit Bond?
The product is suitable for virtually anyone contemplating the purchase of a residential property including: Future home buyers Home owners upgrading to a new property Investors wishing to purchase...
View ArticleWhy are Deposit Bonds so popular?
A Deposit Bond can be a quick and efficient way of arranging the deposit for the purchase of a residential property. Arranging a cash deposit may take time, especially if the purchaser has not sold...
View ArticleDEPOSIT BONDS with MELBOURNE MORTGAGE FINANCE
What is a Deposit Bond? In Australia when a person or entity enters into a contract to purchase residential property, it is common practice for the purchaser to lodge a cash deposit of up to 10% of...
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