Deposit Guarantee

Is your deposit cash tied up?

If you need to pay a cash deposit when signing a contract to purchase residential property, and your cash is tied up in other investments such as shares or a term deposit, a Deposit Guarantee is a quick and easy alternative. It's also useful if you're waiting on the settlement of your existing property.

If you're in the process of buying residential property, here's how you'll benefit:

• Convenient and cost effective alternative to a cash deposit when purchasing residential (owner occupied or investment) property
• Keep your other cash investments intact until settlement
• Enjoy fast turn-around
• No security is required and Deposit Guarantees are available to first home buyers
• Deposit Guarantees are readily accepted at auctions short term only)

 

Both short term and long term Deposit Guarantees are available:

• Short term Deposit Guarantees are available for up to 6 months
• Long term Deposit Guarantees are available from terms of 6 to 48 months for use mainly in conjunction with an 'off the plan' purchase

 

Important information

1. For short term Deposit Guarantees only.

Application for a Deposit Guarantee can only be made where the applicant has Deposit Guarantee unconditional loan approval (only subject to valuation).

Vero Insurance Limited is the issuer of the Deposit Guarantee. Vero Insurance issues the Deposit Guarantee under the registered trademark ‘Deposit Power’. The Bank acts as an agent for Vero Insurance for the provision of Deposit Guarantees. Security held by the Bank will not be available to support Deposit Guarantees issued. The issuer of the Deposit Guarantee guarantees to the vendor of the property that it will pay to the Vendor, or another nominated stakeholder, any amount demanded by the Vendor up to the value of the Deposit Guarantee. The purchaser is still required to pay the total purchase price of the property from their own funds by the settlement date. Vero Insurance has the right to recover from the applicant any money paid by Vero Insurance due to a claim being made in relation to the Deposit Guarantee.