To protect your clients, we must issue to the Sunset / Registration Date in the contract. QBE doesn????????t allow the Expiry Date to be the ???????anticipated completion or settlement date????????, even if the vendor is happy to accept a Deposit Bond for a lesser period. Plus, you are exposing your client.
To offset the issue of longer required ???????expiry dates????????, QBE has introduced a ???????pro-rata???????? refund.
The ???????pro-rata???????? refund????is????for the ???????unexpired period????????????remaining????on a Deposit Bond, between the actual Settlement Date and the expiry date, so long as the actual Settlement Date is more than 6 months away from the expiry date????and for no greater????value than 18 months.
To obtain a ???????pro-rata???????? refund, less a $220 handling fee, a request must in writing; is made within 45????days of the actual settlement date; the original Deposit Bond is returned; along with written proof of the actual settlement date.
A????much????better net outcome for ???????off the plan???????? buyers!
Remember, we can issue Deposit Bonds out to 60 months for all types of buyers????(66 months in QLD to align with their legislation).