Sorry I know nothing about them--10% is the usual deposit---





Here are are some sites on deposit power>>







http://www.google.com.au/search?q=depositpower.com.au&rlz;=1I7DAAU_en&ie;=UTF-8&oe;=UTF-8&sourceid;=ie7&redir;_esc=&ei;=pjEATP_RHdyDcPD8oO8J

Hi Hibiscusrose, there has obviously been some missunderstanding with

your son's purchase. I note that he is buying through an agent, although

you don't mention what State he is in. (all real estate laws ar state based)

I am presuming that the Agent is licensed. You NEVER pay 1 cent to the

vendor. It is normal to pay a holding deposit of $500 or $1,000 to the Agents

TRUST A/C, never to the Agent. When his solicitor has O/K'ed the contract,

it will be sent to the vendor solicitor, by way of exchange. Prior to the exchange

beiny finalised, your son will be required to pay the balance of the 10%

deposit, either to the real estate agent's Trust A/C, or, to the vendor solicitor's

Trust A/C. If he doesn't have the spare cash, he can use a deposit bond

from a source such as Deposit Power, or alternatively, he can go through

his own bank for the facility. They do NOT lend him the deposit. They supply

a deposit guarantee only, for which they charge a pretty well standard fee.

He would then pay the balance, including the deposit bond, less the holding

deposit, by way of cash & mortgage on settlement. If his solicitor has not

explained all this to him, I would get another solicitor. I cannot, by law, give

you advice, so I am just telling you what is normal.

You can a loan on 5% deposit through RAMS