Buying at auction? At an auction, the winning bidder is typically required to pay 10% cash deposit to secure the property. If you do not have ready access to a cash deposit you can use an auction deposit bond to secure the property.
So we get it, you may be unsuccessful in your attempts to secure the property you want at auction. Therefore, we make it super easy for you and issue you with an auction deposit bond that can be re-used for multiple auctions and properties within the purchased timeframe until you are finally successful!
The auction bond is issued without the vendor’s names, the property address and the final purchase price. Think of it as an open deposit bond – preapproved up to 10% of your maximum intended purchase price.
Once successful at Auction you can:
Show the real estate agent the preapproved auction deposit bond on your phone;
The auction bond can be verified by the real estate agent with their camera, by scanning the QR code;
Upload a copy of your Contract of Sale to Deposit Assure by clicking here. Deposit Assure will then update your Auction deposit bond with the details of your purchase and issue a new deposit bond to all parties.
We strongly recommend you speak to the auctioneer, real estate agent or vendor’s legal representative before the auction to confirm they will accept a deposit bond in lieu of cash.
How long should I get the deposit bond for?
An auction deposit bond can be purchased for a 3 or 6 month term only, and for any deposit bond under 6 months the one-off fee is 1.3% of the deposit amount required.
The deposit bond can be extended if the settlement date goes beyond the Expiry Date on the deposit bond. A one off admin and processing fee of $200 will be charged to obtain a extension.
APPLY FOR A DEPOSIT Bond
Simply click the 'Get Started' button to complete the quick Concierge form. Here’s what you can expect:
You will get a Pre-Approval within 15 minutes;
Your application will be sent to you within 1 business hour for eSigning with Docusign;
Once your application is signed & payment is made, we will issue your deposit bond within 15 minutes. Sounds easy? It is!