Deposit Saver

Genworth Financial Deposit Saver is a guarantee used in lieu of a cash deposit for the purchase of a residential property, providing the borrower the ability to delay payment of the deposit until settlement.

For a reasonable premium (usually a percentage of deposit amount) a Deposit Saver can be used instead of cash giving you the flexibility to leave your cash in investments for other priorities.

Deposit Saver is available for amounts between 5% and 10% of the purchase price of the property and for terms up to 48 months.

It is suitable for individual or businesses, including first homebuyers and investors.

What is different about Deposit Saver to other deposit guarantees in the market?

• Competitively priced in the market.
• Available for terms up to 48 months.
• Quick and easy to arrange with a simple application process.
• Most applications processed via Deposit Saver Online can be approved within 4 hours.
• Underwritten and backed by the strength and integrity of Genworth Financial Mortgage Insurance Pty Limited trading as Genworth Financial, one of the largest insurance companies globally.
• Available to First Home Buyers

Who would benefit from using a Deposit Saver guarantee?

Anybody who is:

• Borrowing the deposit - As lenders will not release loan proceeds until settlement, Deposit Saver is an attractive option as it allows purchaser to delay payment of their cash deposit until settlement when full loan proceeds will be released. This is often more cost-effective than alternatives such as a personal loan or using a credit card cash advance.
• Using equity in existing home loan - Using a Deposit Saver guarantee, your customer can reduce interest costs by delaying payment of their deposit until settlement.
• Purchasing at auction - Deposit Saver removes the inconvenience of rearranging finances in time for an auction. Deposit Saver can be taken to numerous auctions as the property and vendor’s details are left blank. Once successful at auction, the purchaser is authorised to complete these details.
• Buying and selling - Deposit Saver allows purchaser to secure their new property without having to wait for funds from the sale of their existing property.
• Liquidating investment funds to use as a deposit - Alleviates the need to immediately liquidate funds and enables any investments to continue earning interest until settlement.