Deposit Bonds For First Home Buyers

Purchasing a property can be exciting and challenging. While deciding on a suburb, features, and decorating are fun, sorting out a deposit can be tough.

Calculators Apply Now

Deposit Bonds For First Home Buyers

Owning your first property can be an exciting but challenging time. While deciding on suburbs, features, and decorating is fun, sorting out a deposit can be tough.

With a deposit bond, you can get into the market sooner.

When you find a property that you love and can afford, you should be prepared to move quickly in order to get your 10 percent cash deposit ready.

A deposit bond could be an option for you if you’re concerned about not having enough money in the bank to make a purchase.

Explaining A Deposit Bond?

A deposit bond is like an IOU for the amount of money you have to pay as a deposit when buying a house. It’s used in place of a cash deposit that’s usually required between signing a contract and settlement day.

A deposit bond ensures that you will fulfill your commitment to an unconditional contract of sale. At settlement, you pay the full purchase price, including the deposit amount and other costs (stamp duty, etc.).

To find out whether a deposit bond could be the right protection for you, speak with your My LMI Group broker. They can also help you organise your deposit bond through our partner, Deposit Assure.