What is a deposit bond?

DEPOSIT BOND BASICS

Don’t have ready or convenient access to your cash for your 10% home deposit? A deposit bond could be the smart solution.

A deposit bond is a guarantee issued by an insurer, for the deposit required of up to 10% of the purchase price.  Just like a cash deposit, a deposit bond guarantees your commitment to an unconditional contract of sale. Then, at settlement, you simply pay the full purchase price, including the deposit amount.

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