Deposit & Bonds

The term house deposit can be used to describe one of several types of deposits that a buyer or renter makes in order to secure housing for herself. If a person is buying a house, a house deposit usually signifies a down payment or a percentage of the home’s price that is paid up front and not included in the mortgage.

Many mortgage lenders require a house deposit or down payment before issuing a mortgage. Some mortgage programs, however, either do not require a down payment or require a very small down payment. The purpose of a house deposit in these instances is to offer some protection to the mortgage lender so that the house has some equity to compensate the mortgage lender in case of foreclosure.

Home buyers can sometimes receive grants to assist them in paying a house deposit. The mortgage lender may also have rules that permit the home buyer to borrow the house deposit from another source. Landlords are often hesitant to rent a home to a tenant without some kind of security deposit, particularly in places where tenants have significant protection against eviction. It is, however, illegal in the United States and other countries for a landlord to demand security deposits in a discriminatory manner, such as requiring parents of small children to pay an extra deposit. A landlord may be able to require a larger security deposit from tenants who have bad credit histories or who have pets that may cause damage to the unit above what a normal security deposit could cover.

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Maree Abbott
Maree Abbott
2021-05-24T13:57:25+0000
James, was excellent, always informative about what was going on with our house... purchasing. He certainly knows the laws and was very helpful. He far exceeded what was expected. I would recommend Page conveying 200 per cent.read more
Glenda Edwards
Glenda Edwards
2021-03-09T21:25:16+0000
excellent communication and always there if needed for any queries
Sharon Allen
Sharon Allen
2021-01-25T00:06:56+0000
Thanks James & the team from Page Conveyancing.
Casey Dwyer
Casey Dwyer
2020-11-08T05:46:49+0000
Our first time selling a property, James made the process easy and stress free. I would... definitely use again and recommend to all my friends and family.read more
Louise Lashlie
Louise Lashlie
2020-11-03T01:48:26+0000
A very professional service. Great communication and very friendly. I would highly... recommend Page Conveyancing.read more

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