Deposit Power can help to secure the sale when Purchasers cannot access cash for the deposit. In many cases, purchasers may not have immediate access to the cash deposit required to secure a property or may prefer a more cost effective alternative to using their own cash. A Deposit Power Guarantee can assist to secure the sale, so the Purchaser pays the full purchase price at settlement.
Property & Legal Specialists
Property & Legal Specialists
Conveyance Specialist
With Deposit Power Guarantees you can offer your customers a complete solution. The Deposit Power Guarantee is a substitute for the cash deposit required when purchasing a residential property and can be issued for all or part of the deposit amount required, up to 10% of the purchase price. Your customers simply pay the full purchase price at settlement.
How to Arrange
Applications can be made by Accredited Agents via the online system. Alternately,if you are not an Accredited Agent, application forms can be downloaded, and submitted by fax on 1800 678 914 or email to depositpower@vero.com.au.
Short Term Guarantees
Short Term Guarantees – are available for purchases where the settlement terms are up to 6 months. Short term guarantees are issued subject to Deposit Power issuing guidelines. Purchasers need to provide evidence they have sufficient funds available to complete the purchase.
Long Term Guarantees
Long Term Guarantees – are available for purchases where the settlement terms are between six and 48 months. These can be arranged for applicants who own existing residential property and demonstrate the ability to complete the purchase.
Short Term Guarantees
Short Term Guarantees – are available for purchases where the settlement terms are up to 6 months. Short term guarantees are issued subject to Deposit Power issuing guidelines. Purchasers need to provide evidence they have sufficient funds available to complete the purchase.
Long Term Guarantees
Long Term Guarantees – are available for purchases where the settlement terms are between six and 48 months. These can be arranged for applicants who own existing residential property and demonstrate the ability to complete the purchase.
Refunds
Can my customer obtain a refund if they don’t use the Guarantee?
If you or your customer returns the unused, original Guarantee Certificate within 30 days of issue the fee will be partially refunded. An administration fee will be deducted and the balance will be mailed to you or, if directed, your customer.
If you or your customer returns the unused, original Guarantee Certificate within 30 days of issue the fee will be partially refunded. An administration fee will be deducted and the balance will be mailed to you or, if directed, your customer.
Deposit Power Helpline
If you have any questions about Deposit Power Guarantees or online verification just call us
1800 678 979
Our Helpline is avaliable from 8:30am to 7pm Monday - Friday.
Real Estate Agents
Accepting and recommending Deposit Power Guarantee can assist you by:
- Opening the door to more qualified purchasers for your vendors.
- Determining who is a qualified purchaser as all Deposit Power Guarantee holders have been pre qualified and provided information to indicate that they have access to sufficient funds to settle.
- Securing a full 10% deposit in the event the purchaser doesn’t complete the purchase.
- Ensuring that all interested parties in the property who hold Deposit Power Guarantees have the ability to make an offer and the highest possible price is obtained for your customer.
Deposit Power Guarantee offers short term guarantees to suit settlement terms of up to 6 months. We also offer long term guarantees for settlement terms of between 6 and 48 months to suit purchasers who are buying ‘off the plan’, or where an extended settlement term is required.
Deposit Power Helpline
If you have any questions about Deposit Power Guarantees or online verification just call us
1800 678 979
Our Helpline is avaliable from 8:30am to 7pm Monday - Friday.
Developers
Accepting a Deposit Power Guarantee can help you by:
- Helping to facilitate the sale of a property where the purchaser may otherwise be unable to provide a deposit
- Knowing that a full 10% deposit can be guaranteed if the purchaser defaults
- The Deposit is guaranteed by Vero Insurance Limited who have a proven history and reputation of paying claims under Deposit Power Guarantees
- Knowing that prospective purchasers who hold Deposit Power Guarantees have been qualified as legitimate purchasers and have demonstrated the financial capacity to settle
- Possibly speeding up the process of a purchaser signing a contract
Deposit Power Helpline
If you have any questions about Deposit Power Guarantees or online verification just call us
1800 678 979
Our Helpline is avaliable from 8:30am to 7pm Monday - Friday.