Deposit Bonds

Deposit Bonds - Intech Credit Union

Sign the contracts now, pay the deposit later.
A deposit bond operates the same as a cash deposit and guarantees that the full amount may be paid to the vendor if the purchaser defaults on the purchase.

A Deposit Bond is effectively a cash deposit on a property purchase during the period between signing a contract and settlement of the property, made when you prefer not to use your own funds. At settlement the purchaser is required to pay the full purchase price including the deposit.

Deposit Power
This is a deposit guarantee we offer in partnership with CBL Insurance Limited. It provides Members with both convenience and flexibility with the ability to choose:
  • a deposit guarantee for either the whole or part of the deposit amount required, up to 10% of the purchase price.
  • choice of two term options: Standard (up to 6 months) or Long Term (up to 48 months).

The benefits of a Deposit Bond are that Members:
  • can secure the property immediately
  • don’t have to use your own funds for the deposit if they are tied up
  • don’t lose interest while your deposit is lodged with a real estate agent or solicitor
  • can avoid the expense of bridging finance

Please contact us for more information.