In Australia, DP Bonds Pty Ltd trading as ‘Deposit Power’ are Lombard’s exclusive Authorised Manager providing deposit guarantees for property purchasers.
Deposit Power provides property purchasers with a Deposit Guarantee for up to 10% of the property purchase price.
The product is beneficial for those purchasers who may not have the full 10% cash required to secure the property but do have the financial capacity for the purchase.
Typical customers include first home buyers, empty nesters who are downsizing or property investors.
Lombard have appointed DP Bonds Pty Ltd (trading as Deposit Power) as its exclusive authorised manager in Australia.
Lombard are the Guarantor of the Deposit Power Guarantee product and in that sense underwrite all guarantees on risk. Lombard have also established a custodial fund with Perpetual Corporate Trust Limited (Perpetual) who act as the Payor to ensure a reliable and timely claim payment process.
Under its Authorised Management Agreement, DP Bonds Pty Ltd has the authority to assess claims and instruct the Payor Perpetual to pay valid claims without reference to Lombard.