Deposit Bonds

[PIppety]

Hiya,

Does anyone know whether there is any sort of refund that can be claimed on a deposit bond ?

For example: If you bought a unit off-the-plan and the developer was requesting a 2 year deposit bond but you settled the loan in 1 year, are you entitled to a refund given that you paid for 2 ?

PIppety

 

[Ross Sneddon]

Hi Pippety

Sorry, but the 2 year term is a maximum term and if you settle prior to that time, I don't believe that you have any claim on the unused portion.

If you hadn't settled within that term, and needed say one more month, you may have been obliged to take out say an additional 6 month term which is a whole new policy and not an extension of the existing policy but no discounts on the unused portion.

Regards

Ross

 

[PIppety]

Thanks Ross,

Can't blame a man for trying !

PIppety