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HashChing is Australia’s first online marketplace allowing consumers to access great home loan deals without having to shop around. Completely FREE to consumers, HashChing connects you directly to verified mortgage brokers who can further negotiate a better rate from the lenders and save you time, hassle and money.

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Hana

1 year ago

Hi MD, deposit bond is a great way using a non cash money, it will only cost you the fee of the deposit bond, You can request only 5% deposit to be accepted by the vendor. the real estate and your conveyancer will help you to sort it out for you. happy to help you with organising the mortgage and the deposit bond for you.

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Joe

1 year ago

Hi MD if your using parents property as guarantor, you will be required to leave a holding deposit on your new property of 0.25%. The property than goes into a cooling of period of 10 days in this time. The bank will value the property and if happy will issue a formal approval which means they will lend the money. In your case the bank will be lending more then 95% So when you are asked by the agent to leave 10% deposit at the end of the cooling off period you can leave a deposit bond for this amount. On settlement the bank will disburse the funds and pay out the deposit bond. This would be the the only way to complete the purchase. As your broker I would guide you through this process from start to finish.

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Milan

1 year ago

Hi MD, hope you're well. Please note the answer to your first question. A deposit bond/or a deposit guarantee is an insurance policy that acts as a guarantee to the vendor (seller) that the purchaser (yourself) will pay the deposit at settlement. So you're taking a guarantee that you will be able to come up with a deposit within due time before settlement. Upon settlement your deposit bond will stop and be cancelled and you're charged a small fee. That is when you provide the deposit and purchase the property. By then the loan should be organised and settlement is complete at which point the purchase is complete too. Realistically speaking a deposit bond can be organised with one to two business days. Second question: You can purchase property for 5% deposit without a deposit bond depending on the situation, but some vendors may not accept 5% but only 10%, hence you may need a deposit bond. So, please feel free to contact me via visiting my page and I will be happy to meet you both and explain everything within an hour of your time, or over the phone, before we go through a solution in person. I have done and dealt with the same lending situations and have got plenty of experience. So click on my page now and ask me to follow up for a seamless lending experience. Hope the above helps and I look forward to helping you with your inquiry. Kind regards, Milan.

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Iva

1 year ago

Hi MD - deposit bonds are very valid and commonplace in today’s mortgage market. Keep in mind, vendors tend to only accept a 10% deposit bond. However, the only upfront cost to you is the bond fee. I can help organise this for you very easily. Deposit bond turn around times can be from 1-24 hours depending on the circumstances. Feel free to check out my profile and get in contact if you’re after a seamless lending experience! Cheers, Iva R.

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Hassan

1 year ago

Hi there MD A deposit bond is definitely a potential solution in your circumstance. My experience has been that the vendors (sellers) will only accept a 10% deposit bond of which the only effect on you is the cost of the bond. This way, you won't need to put any cash down as a deposit until settlement. I can help facilitate this whole process, including the loan and the deposit bond too. I have recently done plenty of guarantor loans, some also with deposit bonds needed. I hope this helps! Hassan

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