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.
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.
Refer to our Concierge team for the easiest way to obtain an Auction deposit bond.
Simply complete the Concierge referral 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 dispatch your deposit bond within 1 business hour;
- Settling under 6 months, the one-off deposit bond fee is 1.3% of the deposit amount required.
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.
Deposit Assure are an Agent of QBE Insurance (Australia) Limited ABN