You’ve just come off the high from selling your home but then it seems like forever until you can access your deposit.
You may be hanging for that money to help secure your next place. Or you need it to cover moving related costs such as storage, short-term accommodation, a possible relocation and more.
THEY SAY PATIENCE IS A VIRTUE, BUT NOT AROUND HERE. YOU DON’T HAVE TO WAIT. UNLOCK YOUR DEPOSIT NOW!
SO, WHAT EXACTLY IS DEPOSIT UNLOCK?
Deposit Unlock helps you bridge the gap between selling and buying by helping you access your deposit early.
When you sell your home, the buyer deposit can be locked away for weeks…or even months. This is valuable cash that you can use towards your next move.
Having the money available could be used to put down a deposit on your next property. Or, you could use it to cover moving costs. Such as storage, short-term accommodation or relocation.
HOW MUCH OF MY DEPOSIT CAN I UNLOCK?
LoopPay helps you access up to $250,000* or 80% of your deposit once you have an unconditional exchange for up to 120 days.
There’s no hidden account set-up fees. Our fee is 5.5% of the amount we advance for 60 days, which you pay at settlement.
Get paid within 24 hours!
How do I unlock my deposit?
1
Apply online
Once you have an unconditional Contract of Sale (congratulations BTW!), apply online and tell us about yourself and the property you just sold.
2
Approval and funding
Our team will verify your information, approve your application and will directly deposit the funds into your bank account within 24 hours. Gotta love that!
3
Settle with us when your property settles
We charge a flat fee of 5.5% of the amount you want unlocked. If you need more time, it’s an additional 1% for every 30 days. We’ll coordinate with your conveyancer to get paid from settlement – just like you do.
Don’t miss out on your perfect place
It would suck if you discovered your dream house or the perfect apartment and you couldn’t jump on it right away because you don’t have the cash to put down.
DEPOSIT UNLOCK SOLVES QUANDARIES LIKE THIS…
Got questions about Deposit Unlock?
CHECK OUT THESE FAQs…
What is the purpose of Deposit Unlock?
Deposit Unlock provides you with advanced funding of deposits that are held in trust from the sale of your property once the contract is unconditional and awaiting settlement.
How much can I access?
Advanced amounts range from $25,000 to $250,000 with a 24 hour approval process (business day) subject to credit requirements.
What can I use the funding advance for?
You can use the funding advance for any immediate needs that is otherwise not available to you while waiting for the completion of your property settlement.
Who can apply for Deposit Unlock?
- You must be over the age of 18
- You must be an Australian Citizen or permanent resident
- Have a valid ID and contact details (address, mobile and email)
- You’ve exchanged contracts on a residential property in Australia
- Your name is on the title
- You have a confirmed settlement date
How do I access the funds?
Our funding partner Rello will deposit the approved funds into your nominated account once you have met their credit requirements.
How do I pay back the funds?
When your
property settles (on the settlement date) Rello will be paid the
advance amount of the deposit plus their fees.
How will I know when my payment is due?
Your agreement with Rello sets out the payment date for you which is the settlement date when the funds held in the deposit are due to be released. Rello will also send an email reminder to you prior to the settlement date reconfirming when the funds are due to be paid.
What happens if the sale doesn’t proceed?
If for whatever reason the property sale doesn’t proceed, you are responsible for returning the funds to Rello.
What if I need more time to pay back?
If you need more time to pay back Rello their costs are 1% for every additional 30 days up to a total of 120 days.
