• Insurance

Deposit Protect Bond

Delay paying your house deposit with a Deposit Protect Bond
  • A Deposit Protect Bond is a guarantee that you'll pay the deposit money at settlement, instead of upfront
  • A convenient alternative when your deposit money isn't immediately available e.g. tied up in your current home, a term deposit or other investments, or in the form of a government grant
  • Allows you to attend multiple auctions with confidence or can be used for private treaty sales
  • Inexpensive, quick and easy to arrange in your local branch.
Overview

Guarantee
  • A Deposit Protect Bond is a guarantee that covers your deposit on a property purchase

Cash substitute
  • Convenient substitute if you can't or would prefer not to access your money, for example if your money is tied up in other investments or if you have sold a property and not yet settled

Up to 10%
  • Can be issued for up to 10% of the purchase price of a property for auction or private treaty

Flexible
  • Can be used for residential or investment property purchases, vacant land, commercial properties, for individuals or companies

Auctions
  • Convenient for attending and bidding at multiple auctions

Valid for 6 months
  • It's valid for 26 weeks from the date of issue, giving you plenty of time to settle on a new property

First home buyers
  • Suitable for First Home Owner Grant buyers, where grant funds aren't provided until settlement

Experienced home purchasers
  • Suitable for experienced investors or purchasers buying and selling property simultaneously

Easy to arrange
  • Quick and easy to arrange, usually within in a few hours
How it works

Pay your deposit with a Deposit Protect Bond

If you've sold a property and haven't yet settled, or if your money is tied up in investments, don't let this hold you back from buying your new home. A Deposit Protect Bond is a convenient and inexpensive way to help you stay in the property market even when your cash isn't immediately available.

How it works

  • A Deposit Protect Bond acts as a substitute for a cash deposit on a home or investment property.
  • After evaluating your financial situation during the application, the bond guarantees to the vendor that you'll pay the deposit money as part of the full purchase price at settlement.
  • It can represent up to 10% of the purchase price and is provided to the vendor's solicitor or agent at exchange of contracts. It can be validated online anytime.
  • A Deposit Protect Bond is valid for 26 weeks from the date of issue, giving you plenty of time to settle on a new property
  • You'll need to check with your conveyancer of solicitor about the terms of the contract of sale. The vendor has the discretion to accept or refuse the deposit bond.
How to apply

For a convenient and cost-effective way to secure your property, arrange a BankSA Deposit Protect Bond.

What you'll need to apply

To arrange your bond, you'll need to provide documentary evidence showing how you'll pay the full purchase price at settlement. Depending on what applies in your situation, we may also need the documents listed below and information from your real estate agent or solicitor.

  • A copy of the Contract of Sale for the property you're buying
  • A copy of your BankSA or other bank loan approval
  • Evidence of other money you'll be using (e.g. Australian bank savings account statement, shares are not acceptable)
  • If you're using funds from the sale of another property, a copy of that Contract of Sale plus your latest loan summary statement for any existing mortgages
  • If you're a first home buyer, a copy of your completed First Home Owner Grant Application or Office of State Revenue approval letter
  • If you’re purchasing in a company name, find out what information you need to provide to become a customer

How to apply

How to apply

Email us

Call 1300 301 004

to speak with a deposit bond specialist 9.30am - 4pm (Sydney time), Monday to Friday

Visit a branch

Important Information

Before purchasing a Deposit Protect Bond, check with your conveyancer or solicitor about the terms of the contract of sale as the acceptance of the bond is at the discretion of the vendor. Deposit Protect Bonds are subject to terms and conditions, full details of which are available on request. Fees and charges apply. BankSA Deposit Protect Bonds are guaranteed by Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714.