What is a Deposit Protect Bond?
A St.George Deposit Protect Bond acts as a substitute for a cash deposit on a home or investment property purchase. The bond can be written for up to 10% of the contract price and it is then handed to the vendors solicitor or agent at exchange of contracts. A St.George Deposit Protect Bond is a guarantee from St.George Bank. For a nominal fee, a St.George Deposit Protect Bond guarantees the vendor that the purchaser will pay the deposit, in addition to all other monies payable under the contract, on the day of settlement. At settlement, the full purchase price for the property (including the deposit amount) is paid, and the bond obligation is cancelled.
