Afternoon
Just wanted to get some feedback regarding Deposit Power. Guarantees usually last up to 6 months or they can be made available for 12 months. They can be used for up to 10% of purchase price, and is basically a service offered to people who have funds tied up elsewhere that they do not want to use or cannot use until settlement. At settlement the ‘Deposit Power Guarantee’ expires.
Are Vero are the only ones offering a deposit guarantee?
Has anyone used this product and can give me some feedback?
What is the general view of this product to purchase property?
[gossip]
Your feedback would be appreciated…
Regards
Dev* [kid]
Great product, i have used it with no problems and will use it again.
The only trouble is convincing the vendor to accept it. They much prefer cash. It makes for a little bit weaker offer. You could be holding a valuable property for as little as $500 out of your own cash as deposit for months!!!!! beautiful for you as the purchaser!
When using equity in existing properties as the security, deposit bonds are ace.
I would suggest reading up on the deposit power website all about how they work as this will help when it comes time to convince the agent/vendor to accept your offer with the deposit bond.
:o)
Live, Learn and GrowLifexperience
Deposit Power won’t do bonds for trusts with corporate trustees.
Be careful!
Live, Learn and GrowLifexperience
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