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Deposit bond provider updates policies

by Hannah Dowling5 minute read

Deposit Assure has announced updates to its product offerings in a bid to help brokers save time.

Deposit bond provider Deposit Assure has expanded and streamlined its Concierge offering (an “end-to-end service for deposit bond applications”) to include equity-backed bonds as well as finance-backed bonds.

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The process to submit a deposit bond referral through the new Concierge service can reportedly take around 30 seconds for a finance-backed deposit bond, with a pre-approval provided within 15 minutes, according to Deposit Assure.

Deposit Assure founder Etienne Rizzo commented: “Imagine if you could give your deposit bond application to someone who would manage the whole process on your behalf and complete it in record time. We’ve listened to brokers and designed our Concierge service to do exactly that. 

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“All brokers need to do is send a quick referral to our team and let us do the rest.”

He continued: “For finance-backed bonds, brokers can now refer in just 30 seconds. This means they can free up more time to focus on what really matters for their business growth.

“Currently, we’re issuing around 900 deposit bonds a month with around 80 per cent of referrals from brokers coming through our Concierge service. It’s come a long way in the last few months. We’ve launched a number of new features that streamline the way brokers get deposit bonds and ultimately make their lives easier.”

For an equity-backed deposit bond, basic information will need to be provided, including the details of the client’s property ownership and income.

Once pre-approval is received, the Concierge team will prepare and send the deposit bond application for e-signatures via DocuSign, within one business hour.

Further, deposit bonds under six months will now have a flat fee of 1.3 per cent of the bond amount.

According to Deposit Assure, the new policy should result in less paperwork for the broker, with no payslips or tax returns required for bonds issued under six months, and no secondary liability documents (such as credit cards or personal loan statements) required for equity-backed deposit bonds.

According to Mr Rizzo, the company has listened to brokers in order to implement their new policy changes, in an attempt to make processes more efficient.

Mr Rizzo concluded: “We’re all about making it easy for brokers to get deposit bonds for their clients. That’s why we’re so excited to announce these policy updates.”

According to Deposit Assure, brokers can access the Concierge service via their participating aggregator’s CRM system.

[Related: Mortgage advice ‘most important’ for the average Aussie]

Deposit bond provider updates policies
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Hannah Dowling

Hannah Dowling

AUTHOR

Hannah Dowling is a journalist for The Adviser and Mortgage Business.

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