Deposit Bonds. Auspak.
Deposit bonds act as a substitute for the cash deposit between signing a contract and settlement of the property. At settlement the purchaser is required to pay the full purchase price including the deposit. This means that during the time between exchange and settlement you are able to leave your cash invested and earning interest.
The use of a deposit bond does not remove the obligation of the purchaser to pay the full deposit upon settlement.
A deposit bond can be issued for all or part of the deposit amount required – up to 10% of the purchase price. Acceptance of the deposit bond in lieu of a cash deposit is at the sole discretion of the vendor.
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