26 September 2008
A deposit bond can be a helpful tool for those who want to start paying off a mortgage now. Unfortunately, the need to use a deposit bond can also be a sign that you may not have the income to buy a home. A mortgage deposit is not only good security for the lender, but also for yourself, as it is proof that you can save a substantial amount of money from your income. If the reason you are using a deposit bond is because you cannot afford to save, then it may be wise to reconsider whether you have the income level and appropriate lifestyle for paying of home loans and mortgages.
