Deposit Bond

[WebBoard]

From: Mike .


Deposit Bonds
From: Andrew S
Date: 2/22/00
Time: 8:56:50 PM

Well, now that there appears to be one or two more Andrews, I guess its time I became Andrew S.

Formalities aside, I'm after some info on deposit bonds. (I apoligise if this may seem trivial to some of you, but I'm new at this property business.)

I know that in order to purchase a property without a cash deposit, I need a deposit bond, (I assume its the same in states other than Vic.). What I don't know is who do I go to to get one? Is this something a bank or similar financial institution does or do I have to go elsewhere?

Any info greatfully accepted.

 

[WebBoard]

Stuart

Reply: 1
From: Mike .


Re: Deposit Bonds
From: Stuart
Date: 2/22/00
Time: 9:23:52 PM

Andrew I have seen an advertisment in the most recent issue of Your Mortgage Magazine.

 

[WebBoard]

Dasi Govender

Reply: 1.1
From: Mike .


Re: Deposit Bonds
From: Dasi Govender
Date: 2/23/00
Time: 10:32:17 AM

I have just bought a Defence Housing property in Sydney. What is interesting is I proposed a 5% Deposit Bond to the vendor who was agreeable. As far as I know there are two companies who issue deposit bonds. One was Deposit Bond by GIO Insurance who insisted that the cost for a 5% or 10% bond was the same amount, about $689-00 for a property purchase price of $318 000-00. The other company, Royal Sun Alliance, quoted me $166-00 for 5% deposit and $332-00 for 10% deposit. No guesses which company I used. Good luck in your endeavour.

 

[WebBoard]

Andrew S

Reply: 1.1.1
From: Mike .


Re: Deposit Bonds
From: Andrew S
Date: 3/5/00
Time: 3:32:51 PM

Thanks for the responses. I have very quickly come to the conclusion that Royal Sun Alliance has the best deal going. In fact I've already applied.