Deposit Assure launches Australia’s first Digital Deposit Bond

Aspiring property owners can now get their home deposits ‘guaranteed’ quickly and safely on their smartphones or digital devices, with Australia’s first Digital Deposit Bond from Deposit Assure.

The Australian deposit bond company has developed the much-needed paperless product.

The new Digital Deposit Bond will streamline the existing process so that verifiable deposit bonds can instantly be issued, certified, and claimed using an encrypted digital exchange.

The highly secure Digital Deposit Bond platform features advanced file encryption, access control, dynamic watermarks, print and download restrictions, and QR technology to verify authenticity.

Deposit Assure CEO Etienne Rizzo today launched the country’s first Digital Deposit Bond, which can be accessed and verified online from any device.

“The Digital Deposit Bond delivers speed and certainty for our purchasers, and the real estate agents, conveyancers, solicitors, lenders and brokers alike who support them, to get their home deposits guaranteed,” Mr Rizzo said.

“This technology gives all these parties the ability to instantly exchange a 100 per cent verified Digital Deposit Bond from their device, without resorting to posted mail.

“This is all about speed, reliability and security in what can sometimes be a frustrating and time-consuming process caused by missed paper document deliveries and signings, delayed flights, and other complications that cause unnecessary stress.

“In a fast-moving real estate market, delays or oversights in printed documents and physical deliveries can also lead to a property contract not being accepted by vendors.

“So we’re incredibly excited to be solving these issues by offering instant, highly secure and legally compliant Digital Deposit Bonds to property buyers for the first time. We expect they’ll be a popular option in 2021 as aspiring homeowners progressively become aware of them.”

According to the company, the current economic climate and challenges have driven a significant increase in the number of Australians turning to Deposit Assure for a deposit bond in 2020, compared to 2019.

Australian Institute of Conveyancers NSW Division Ltd (AICNSW) CEO Chris Tyler welcomed the innovation of this product as it continues the trend to digitisation of key processes in the conveyancing transaction which leads to benefits for conveyancing practitioners and their clients through accuracy, efficiency and confidence needed by busy professionals.

The first-to-market move by Deposit Assure, with support from QBE, further strengthens the reputation of both companies in the deposit bond market.

The launch of the Digital Deposit Bond pioneered by Deposit Assure, underpins its continued focus on continuously enhancing confidence, speed and efficiency in Australian Deposit Bonds. 

Established in 2015, Deposit Assure offers homebuyers the option of deposit bonds or ‘guaranteed deposits’, to secure a property without having immediate ac