Bond Certificate

Another visit to Westpac, this time at 7.30am. The hours of banking operations seem to have changed since I was last involved! This visit was to organise the bond, or in its correct terminology, a Deposit Power Guarantee (that’s the company that offers this service). I thought it was a service the bank offered. I had no idea, but then no one explained the details to me.

So, for the cost of $246 an insurance company would guarantee me defaulting on the deal – 5% deposit on a maximum purchase price of $410,000. All that remains after organising it was to wait for the certificate to arrive in the mail, and pay the credit card bill.

I suppose if the postie lets me down I could present the fax of the original certificate. What will the auctioneer do? Call everyone back and re-auction the property. I emailed the real estate agent advising him of my guarantee, and of it being 5 percent, just in case they got difficult over the amount for the deposit, should I win at the auction. I also enquired about extending the settlement date. Both arrangements were acceptable. It’s interesting how flexible people can be if you ask.

We’re almost set. I need a cup of tea. I feel tense.