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Deposit bond provider approves $1m bond
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The approval of a record-high deposit bond is being attributed to several market trends, including steep property prices, the prevalence of “upsizers”, and more demand for credit.
Deposit Bond provider Deposit Power has announced that it has approved a record $1 million deposit bond, which it said was required to purchase a $10 million property in metro Sydney.
Deposit Power also said that a $600,000 deposit bond was also approved in the same week, adding that these amounts have exceeded the average deposit bond, which is usually less than $100,000.
According to the deposit bond provider, in both instances, the purchasers were upsizing and required a deposit bond to offset their cash being bound in equity in their existing properties. ....

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