[?]
Hi,
I am looking to get a deposit bond for the purchase of a property at an auction in 6 weeks time which will be flexible on settlement for a period of 6 months.
I would like to have my deposit bond ready to use on the day. I am looking to arrange a loan pre-approval now so I can apply for the bond but I have a few questions;
1. When I get a pre-approval from a bank the bank will mark my credit, then when I apply for the deposit bond does the deposit bond company check my credit again?
2.Is there a list of deposit bond companies anywhere? How many are there in Australia? I have heard people mention ‘ Deposit Power ‘, Royal & Sun Alliance, but I would like to investigate some more of them to see what they offer.
All advise is appreciated
I don’t have that much experience with deposit bonds, but was told by one company that they do a CRAA check. However, I have had a bond myself and no check appeared on my CRAA.
usually with loan pre-approvals the bank will check your CRAA. It is one of the first things some banks do. But with some you can request a pre approval subject to CRAA check. You can actually get a deposit bond without a pre-approval, the bond company assesses you on your ability to get a loan.
There are many deposit bond companies in Australia, only a few underwriters. Most banks can issue them now.
Terryw
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
The topic ‘Deposit Bonds’ is closed to new replies.
