Andrew & Mary
First home buyers find the winning solution to deposit hurdles
What do you do when you have no savings to pay the 10% cash deposit at auction? First home buyers Mary and Andrew found themselves in this unenviable position. They were looking to purchase their first home in the inner suburbs of Melbourne, but more often than not the homes they were interested in were going to auction.
The couple had a problem. On the upside, they had preapproval from their broker to purchase a home and have it funded 100%, thanks to their parents providing a family guarantee.
However, because they were borrowing the full amount, Mary and Andrew were relying on the bank to provide the full funds at settlement. They had no savings and therefore no means to pay the 10% cash deposit typically required from the winning bidder.
Enter Deposit Assure. Mary and Andrew got in touch to find out how a deposit bond could help them, and were thrilled with the answer. They obtained an auction deposit bond through our standard application, which had the same strength of a cash deposit and would enable them to bid with confidence at multiple auctions if needs be.
With the prior consent of the auctioneer, they successfully outbid the competition and purchased their dream home. The contract was secured with their auction deposit bond. Thirty days later, the happy couple settled on their first home, paying the purchase price in full.
Learn more about how a deposit bond can help you or contact us for more information.
OTHER REAL-LIFE STORIES
When retirees Margaret and Lawrence decided to downsize, they were reluctant to draw on their superannuation to put down the deposit. Deposit Assure gave them a solution.
What happens when you want to take advantage of a great property investment opportunity but your cash is tied up elsewhere? Melbourne-based property investor Kim Castles found the answer in a deposit bond.
It’s a downsizer’s dream to be able to purchase a smaller home before selling the current one. The problem is, most of us will still need to find a deposit to make the dream come true, as Sydney-sider Angela Verad discovered.
When Anne Moss found her dream home on the south coast of New South Wales, she knew it was a matter of moving fast or missing out. Read how a deposit bond helped them to secure their home.
When Camille and Sarah found a beautiful unit being built in the historic village of Woodend in Victoria, they knew the time had come for a lifestyle change. All they needed now was the deposit.
New South Wales couple David and Alison thought they had it all covered when they decided to buy a beautiful off-the-plan unit in Potts Point. But then everything changed.
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Seeing other people’s dreams come true is pretty magical. Especially when it could be you.