Deposit Express is Australia’s first Buy Now Pay Later service for a consumers Deposit when buying a property off the plan?
Like all Buy Now Pay Later Providers we charge a very small fee to the vendor (the person selling you the property), this results in no charges to the customer. Deposit Express is not a loan and you will never be charged interest.
You don’t have repay Deposit Express until the earlier of:
- 2 weeks after settlement of your new purchase
- Generally, 24 months after you exchange, this can vary depending on each projects expected completion date
- In the event the contract between you and developer is terminated, 2 weeks after that date
We will provide you with a optional recommended repayment plan giving you the ultimate flexibility to manage your finances.
Deposit Express is not for everyone
Who can apply?
- Australian citizens or permanent residents
- Over the age of 18
We will check each customer’s credit history when you submit your application, we will confirm that:
- No applicant has been declared bankrupt or insolvent
- No applicant has any outstanding court judgments against them
- No applicant has defaulted on previous loans, is a discharged bankrupt or has a criminal record
We will consider your capacity to repay Deposit Express
Your privacy is one of our top priorities. We use bank level security and protocols to secure your personal information.top
Once we receive a completed application form we will let you know within 1 business days if you meet our initial requirements.
We will provide you with a customer agreement customised to your circumstances and purchase. We will confirm your personal information and let you know if we need anything else.
Once a Customer Agreement is formally completed we will then transfer the money to the vendors solicitor or agents trust account, and the deposit formally becomes yours for the purposes of purchasing your off the plan property.
- To assist buyers resolve the liquidity constraints of putting down a 10% deposit when purchasing property.
- Avoid having to divest assets, tie up money, or take out loans to pay the 10% deposit usually required without Deposit Express
- An alternate to the Bank of Mum and Dad.
You can contact us at info@depositexpress.com.au to request a copy of our Target Market Determination (TMD). The TMD sets out the target market for our service.
