Auction Deposit Bond
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 conveyancers details and the property address.
Once successful at auction, you just need to complete the basic information that you know, like:
✓ The final purchase price
✓ The property address
✓ The vendors full name
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.
Below is an illustrative example how an auction bond works:
How long should I get the deposit bond for?
An auction deposit bond can be purchased for a 3 or 6 month term only. Unless you are super confident you are going to be successful on your first attempt at auction, our recommendation is that you acquire the auction bond for the 6 month term.
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.
Ready to apply for a finance backed auction deposit bond?
If you are settling within 6 months, and have obtained a loan approval that is at a minimum conditionally approved subject to a valuation only, you can refer to our concierge team.
Simply complete the Concierge referral form below and upload your
#1 finance approval or proof of funds (e.g like a contract of sale for property being sold)
#2 Photo Id
Our Concierge will prepare the application for you within 1 business hour, ready for signing electronically with Docusign. Sounds easy? It is!
Apply online yourself:
If you don’t want us to lodge your finance backed deposit bond application for you then you can proceed to fill out an online application yourself.
If you have a formal approval or the funds to settle and are settling within 6 months? Apply using our express application. For all other deposit bonds, apply using our standard application. (Click on the links for each application to learn more.)
Other relevant links you may be interested in:
Want to work out the costs for an auction bond? Get an instant quote using our Fee Calculator.
Want to learn more about deposit bonds and how they work? Click here.
Learn more about our deposit bond concierge service.
Deposit Assure are an Agent of QBE Insurance (Australia) Limited ABN 003 191 035