Deposit Power recruits new GM, sales and distribution

In his new role, Brent Davidson will be in charge of leading the deposit bond provider’s sales strategies that include evolving existing distribution channels, growing the company’s market share, and developing relationships with its partners.

Mr Davidson joins Deposit Power following his tenure as director of broker distribution at Athena Home Loans. He has 15 years of experience and has held senior roles in the mortgage and financial services industries, notably with NAB.

In addition, Mr Davidson has a background in mortgage broking and is experienced in building a successful lending business along with fintech start-ups.

Deposit Power distributes deposit bonds to accredited brokers, lenders, and conveyancers with an online system to apply for and have digitally approved and delivered deposit bonds for property purchases of up to $2 million, foregoing referral to typical assessment processes or supporting documentation.

Chairman of Deposit Power, Peter Wedgwood, stated: “I am delighted to welcome Brent to the team and his appointment marks an exciting new chapter for Deposit Power.

“Brent brings to Deposit Power a wealth of over 15 years’ experience within the mortgage and finance industries, and we look forward to working with him as we grow our market presence.”

On his appointment, Mr Davidson stated that he excited to be joining the Deposit Power team.

The market potential of the Deposit Power product is compelling and the opportunity to lead the growth strategy is truly exhilarating. I look forward to working closely with the team and with our key stakeholders as we continue to build the Deposit Power brand,” Mr Davidson said.

Collaboration with Downsizer.com

Earlier this year, Deposit Power announced that it had co-developed a cashless deposit bond with property start-up Downsizer.com (Downsizer) that aimed to help people over the age of 50 downsize.

Launched in April 2022, the Deposit Power Downsizer Bond, enables older home owners to use their home equity as a means to exchange contracts on a new off-the-plan dwelling without having to pay a cash deposit.

In what was said to be a first in Australia, eligibility was not based on a credit assessment of income and expenditure but instead determined by an online automated property valuation digital tool on Downsizer’s website.

[RELATED: New downsizer bond product released]