What is a Deposit Bond?
A deposit bond is like an I.O.U (I owe you) for the deposit of a purchase. The deposit is provided up to 10% of the new homes purchase price.
For example if you have just sold your property and the home of your dream appears the next day but the funds have not yet been processes from your settlement, you are able to get a deposit bond to purchase a new home!
This means you can buy your dream home now and pay your deposit later.
Reproduced with permission from Deposit Assure