When buying property, having a cash deposit ready isn't always straightforward. Maybe you've found the perfect home, but your funds are tied up, or you're waiting on financial support from family. This is where deposit bonds can make all the difference, and they're not as complicated as they might seem.
 

In this episode, Bella Minns from Deposit Assure joins us to explain what deposit bonds are and how they work. Think of it as a guarantee that lets you secure your property now, even if the cash deposit isn't immediately available. Bella takes us through real-life scenarios where deposit bonds come in handy, from first home buyers to those dealing with longer settlement periods or off-the-plan purchases.

We also explore the costs involved, common misconceptions, and how deposit bonds have become a practical and accepted tool in today's market. Bella shares insights on why this approach could work for you, especially if you're managing the timing of your finances.

If you've ever been curious about deposit bonds or are looking for alternatives to a traditional cash deposit, this episode offers a straightforward guide to help you understand how they can work in your favour. Tune in to learn more!

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Episode Highlights:
00:00 - Introduction
02:14 - Who is Bella Minns?
02:44 - What is a deposit bond?
04:14 - How deposit bonds work
05:44 - Are deposit bonds suitable for everyone, or just specific buyer types?
06:51 - How much do deposit bonds cost and how are they paid for?
09:54 - How do developers respond to long-term deposit bonds, and is pushback common?
12:33 - What changes have taken place in the perception of deposit bonds over two decades?
14:19 - How do buyers secure a deposit bond, and what happens if QBE has to pay?
15:30 - Steps buyers must complete before they can receive a deposit bond
16:53 - Is there a maximum amount for coverage?
19:23 - Key benefits of using the deposit bond
19:54 - Does the one-day turnaround for a deposit bond include both application and approval?
21:10 - If you miss out on a property, can you reuse the deposit bond for another purchase?
23:03 - Potential drawbacks of using a deposit bond that buyers should be aware of
27:21 - Do buyers need to discuss deposit bonds with their broker first?
28:56 - Bella's advice for first home buyers considering using deposit bonds
29:38 - What's a key topic you'd like to be answered as a first home buyer?
About Our Guest:
 

Bella Minns is a recognized Business Development Manager at Deposit Assure, known for her expertise in deposit bonds and strategic property solutions. She has been acknowledged as one of the top Business Development Managers in NSW/ACT and frequently shares her knowledge through webinars and industry discussions. Bella plays a vital role in promoting innovative products like the FLEXI Deposit Bond, helping brokers, buyers, and developers navigate complex purchase scenarios with ease and confidence.

Connect with Bella Minns:

➼ Website https://www.depositassure.com.au/
➼ LinkedIn https://au.linkedin.com/in/bella-minns-9b64881aa

Resources:
 

➼ FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse

➼ Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers

➼ Visit our website https://www.homebuyeracademy.com.au/

➼ Join our Facebook Group to get access to free monthly live Q&A sessions
https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia

➼ Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG

If you enjoyed today's podcast, don't forget to subscribe, rate, and share the show! There's more to come, so we hope to have you along with us on this journey!
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  Co-Founders

Veronica Morgan & Meighan Wells 

Veronica & Meighan are both licensed real estate agents who exclusively help buyers. Together they have nearly 40 years experience as property professionals.

Veronica is principal of Sydney based Good Deeds Property Buyers and is also co-host of The Elephant in the Room property podcast as well as Location Location Location Australia on Foxtel and author of Auction Ready: how to buy property at auction even though you're scared s#!tless!

Meighan is the multi award winning principal of Brisbane based Property Pursuit, chairperson of the REIQ Buyers Agent Chapter & a regular media commentator.

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