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Deposit Power
The fast and easy way to arrange your deposit
A RAMS Deposit Power Guarantee is a fast, convenient and inexpensive way for you to arrange the 10% deposit when you exchange contracts on a new property.
The guarantee (also known as a deposit bond) acts as a substitute for the cash deposit in between signing a contract and settlement of the property. At settlement, the purchaser is required to pay the full purchase price including the deposit. This provides a low cost, flexible option if your money is tied up, but you will be able to pay the deposit at settlement time. It’s particularly useful for auctions.
Note, you generally need to have a home loan approval before you can get a RAMS Deposit Power Guarantee.
Product Key Benefits:
- Substitute for the cash deposit in between signing a contract and settlement of the property. Subject to vendor approval.
- Fast approvals – usually within 24 hours
How does it work?
For an Auction:
You simply arrange the Guarantee prior to attending an auction, agreeing to a maximum deposit amount. You’ll be given a certificate to take with you where the Guarantee amount is fixed, but not the property and vendor details. So you can attend a number of auctions and be ready to commit to a deposit up to the agreed amount. If you’re the successful bidder, you simply complete the vendor and property details on the certificate.
For Private Treaty (non-auction):
You find the property and agree a price with the agent and vendor. You then apply for a Guarantee including a copy of the contract with the application, a Guarantee is issued so you can sign the contracts and hand over the Guarantee as a deposit to secure the property.
