Deposit Bond FAQs

It’s easy! You may be ready to buy your property or already found the one you want. However, you may not have ready access to the full deposit you are required to pay upon signing of your contract of sale, the property may be under construction with a longer than normal settlement term or your funds may be tied up as equity in other assets or longer term investments such as shares. Whether you have immediate access to your deposit or not there are several reasons why you may not be able to, or want to, use your own funds to pay your deposit. Quite simply a deposit bond is a form of a guarantee accepted by Vendors in lieu of a cash deposit. It defers the need to use your cash up front. At settlement you will be required to pay the full purchase price and any associated costs. For more information please refer to our Information Brochures under Downloads.

Deposit Bond Australia Pty Ltd (ABN 28 003 772 487) are authorised agents for QBE Insurance (Australia) Limited (ABN 78 003 191 035).

DBA does not charge an Application Fee. Deposit bond fees are payable once upon approval and prior to issue of the deposit bond. There are no ongoing fees or interest charges. For an immediate quote please go to our Fee Calculator.

Deposit bonds are unsecured, which means assets, savings or lines of credit can be kept intact.

Yes.

If the applicant does not own property, QBE will accept guarantees in the following circumstances:

• Spousal Guarantee: where the property asset is held in joint names
• Immediate Family Guarantee for First Home buyers
• Director/shareholder Guarantee for Corporate applications.

Note: For all Guarantors to be accepted by QBE must hold equity in Australian Property to meet QBE policy.

Eligible applicants must be either an Australian Citizen or be a permanent Australian resident.

Once we have received your fully completed DBA Deposit Bond application and supporting information deposit bonds are generally assessed and issued within 4-48 hours, depending on the complexity of the application.

Should a Purchasers’ financial situation alter and as a result can no longer settle, the Vendor will become entitled to receive the deposit monies noted in the contact of sale. By the Vendor making a claim against the deposit bond it is “cashed in” via QBE making the appropriate payment to the Vendor, or stakeholder nominated in the contract of sale, within the timeframe specified on the bond.

The Purchaser is then required to reimburse QBE. If the Purchaser fails to do so the Underwriter has the right to take legal action against the Purchaser for full recovery of the deposit bond value.

QBE have stated that a Target Market Determination is no longer required for the QBE Deposit Bond product issued by Deposit Bond Australia Pty Ltd.

Deposit Bond Australia believes that it is essential to hear and respond appropriately to any complaints or disputes raised by our customers. Our Complaints Policy is available: DBA – Complaints Policy (QBE Deposit Bonds) and informs you how to make a complaint and the process involved in dealing with the complaint.

Our friendly staff are available during normal business hours (EST) to talk to you about your needs. If you have any questions please contact us on our Freecall number 1800 266388.