No, there are some inherent differences between a deposit bond and a cash deposit.
A cash deposit is typically done via a cashier’s cheque from a bank - which assures the seller you have a certain amount of cash ready and available for the transaction.
A deposit bond is, in essence, an insurance policy. When you take out a deposit bond, it gives the seller security knowing that the deposit (i.e., 10% of the property) will be paid to him/her in any circumstances where the deposit is forfeitable by the buyer.
A deposit bond allows the buyer to:
Continue to earn interest as their savings remain intact
Avoid expensive time delays and bridging loans
Make multiple offers with the same bond
