A St.George Deposit Protect Bond acts as a substitute for a cash deposit on a home or investment property purchase. The bond can be written for up to 10% of the contract price and it is then handed to the vendor’s solicitor or agent at exchange of contracts.
A St.George Deposit Protect Bond is a guarantee from St.George Bank. It is valid for 26 weeks (6 months) from the date of issue. For a nominal fee, a St.George Deposit Protect Bond guarantees the vendor that the purchaser will pay the deposit, in addition to all other monies payable under the contract, on the day of settlement.
At settlement, the full purchase price for the property (including the deposit amount) is paid, and the bond obligation is cancelled.
What documents do I need to provide?
Your customer must provide evidence of funds to complete the purchase transaction. To facilitate the issue of a St.George Deposit Protect Bond as quickly as possible, we may require the documents listed below, as they apply to your customer's circumstances. Additional information may be requested from the customer's real estate agent or solicitor.
- A St.George Deposit Protect Referral form is available by calling the Deposit Bond Team on 1300 301 004 or from your customer’s local St.George Branch
- A copy of the Contract of Sale of the property they are purchasing
- A copy of their St.George Bank loan approval or other bank loan approval
- If the purchase is being funded by the sale of another property and that property has been sold, a copy of that Contract of Sale together with the latest loan summary statement for any existing mortgages (if applicable)
- For first home purchasers, a copy of their completed Application for First Home Owners Grant or Office of State Revenue approval letter
- If the customer is contributing other funds towards the purchase, evidence of those funds are required (i.e. savings account statement – must be held in an Australian bank account; savings held in the form of shares is not acceptable)
- If your customer is purchasing in a company name, we will require a copy of an up to date company search. They will also need to complete a Company Guarantee & Indemnity form which you can obtain by calling the Deposit Bond Team on 1300 301 004.
Note: Conditions Apply
St.George Deposit Protect Bonds are issued and guaranteed by St.George Bank Limited ABN 92 055 513 070
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Copyright © St.George Bank Limited ABN 92 055 513 070 AFS Licence No. 240997
© St.George Bank Limited ABN 92 055 513 070 AFS Licence No. 240997
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