Purchasers
Sometimes you may not have ready access to the cash deposit required to secure a property.
When you have found the property and need a deposit to secure the purchase, Deposit Power can help by providing a deposit guarantee. As long as you can demonstrate you have the funds available at settlement, with Deposit Power you are in the position to secure the perfect home or investment property quickly, without using a cash deposit.
When you have found the right property and need a deposit to secure the purchase, Deposit Power can help by providing a deposit guarantee. So, as long as you have the funds available at settlement, with Deposit Power you are in the position to secure your perfect property and you don’t need to provide the deposit in cash. Deposit Power offers short term guarantees to suit settlement terms of up to 6 months and is suitable for all types of residential property including vacant land.
How to apply
What you need to do to apply
To apply, you just need to complete an application form and show us that you have sufficient funds to complete the purchase at settlement.
Auction
Can I use the Deposit Power Guarantee at auctions?
Yes. A Deposit Guarantee can be issued prior to you attending an auction. The Guarantee amount is capped, but not the property details, so you can attend a number of auctions. You simply complete the vendor and property details on the Guarantee Certificate when you are the successful bidder.
Refunds
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 will be partially refunded. An administration fee will be deducted and the balance will be refunded to you.
After finding the right property, secure the purchase without tying up your own cash for the deposit, with a Deposit Power long term guarantee.
Deposit Power offers long term guarantees to suit settlement terms from 6 to 48 months, and is perfect for when you are buying properties off the plan, under construction or vacant land with extended settlements.
How to apply
What you need to do to apply
To apply, you need to complete an application form and show us you are an existing property owner. As part of the application you will need to include the following:
- Rate notice/s for residential property owned
- Mortgage statements
Refunds & Rebates
Can I claim a refund if I don’t use the Guarantee?
If you return the original unused, Deposit Power Guarantee within 30 days of the date of issue, the fee will be partially refunded to you.
Is there a fee rebate if the property settles before the Guarantee expires?
Yes. If a property settles more than six months before the expiry date of the guarantee, you can apply for a fee rebate, less an administrative fee.
To qualify for a rebate you must return the original Guarantee at least 6 months prior to the expiry date with a covering letter from either your solicitor or the vendor’s solicitor confirming the date the property settled. The rebate is based on the date the Guarantee was issued and subsequently received by Deposit Power.