Home and House Deposit Bonds in Canada
Get your home deposit
What is a Deposit Rocket Guarantee?
It is simply a guarantee that you will pay the required deposit upon closing of the home. Deposit Rocket Guarantees are now used when submitting an offer instead of a traditional cash deposit.Learn More
If you are a Canadian resident, over the age of 18 who is purchasing an owner-occupied home, you are eligible!
What are the Benefits?
Deposit Rocket is quicker and easier than freeing up a cash deposit.
Apply for a Deposit Rocket.
Issued instantly online and delivered to you and your licensed realtor.
Deposit Rocket is inserted into your offer instead of a cash deposit.
At closing, simply pay full purchase price.
Deposit Rocket Guarantees are quicker and easier than the traditional method of freeing up a cash deposit.
5-minute online application, instant issuance!
No Banks or bridge loans
No arranging & delivering certified cheques
Your Money stays in the market
Can make unlimited number of offers, no extra cost!
No home appraisal
No Line of Credit applications
No investment breakage fees
Receive more offers
Insured by Northbridge General Insurance Corporation rated “A” (excellent) by A.M. Best, “A-” (strong) by S&P, and “A” (good) by DBRS.
Email directly to your licensed realtor
Increase amount or term instantly
Same or better position a cash deposit
Plus $150 policy fee
O.A.C. and terms & conditions apply
A well deserved award (Real Estate Innovator of the Year) for an innovative solution.
Indeed very helpful especially to those who have to sell and buy right away and don’t have liquid funds available. Deposit Rocket is the best solution and their fees are nominal and Service is Super Awesome. I have recommend them to all agents in my brokerage. Five star rating any time :)
My brokerage has used Deposit Rocket and have been extremely happy with the service and ease in which clients can arrange for deposit bonds. Deposit Rocket is going to be the future for the handling of deposits in our industry. The professional that understands the evolution of our industry will benefit from such innovations early and be able to assist their clients in buying and selling properties with less stress. The deposit bond is more secure than a bank draft or certified cheque. It makes for a cashless, seamless transaction and provides security for the seller as well. As a broker owner, I would prefer deposit bonds over cheques or drafts and can see that this will become the norm in the future.
I'm the Founder and Team Leader of the GT1 Realty Group. Recently we had clients who successfully purchased a home in Lorne Park. However, they were mistaken about their ability to produce $30,000 in cash for the Deposit. Fortunately, Deposit Rocket rescued the deal within 15 minutes, via their Deposit solution. Our clients were very happy with the solution, and very impressed with how simple and cost effective it was. Thank you to the Deposit Rocket team, we appreciate you. Best, George
Naresh has been great at helping get the message out while demonstrating great patience and restraint with those opposed to the new option.
I only heard about Deposit Rocket when we received an offer on our clients property. After some checking I am very happy with the way the Deposit Rocket works and how simple it is.
This is a great idea, a nice edge for the buyer!
Amazing company to deal with! When my husband and I decided to look for a new house the deposit amounts required were insane. So much of our money is tied up in the house. Here comes Deposit Rocket and the amazing Naresh to the rescue. They got me my deposit super quick and we got our new home. Naresh and Deposit Rocket made it so easy. They were so helpful and kind and always available to talk to. Highly recommend them if you are also looking for a new home and need help with a deposit!
After I got the welcome letter by email form Deposit Rocket, It took me just 6 minutes to arrange a Deposit Guarantee. It was automatically issued to my Real Estate Broker, and it was half the cost of a Line of Credit, and didn’t affect my credit.
The search for the right area, hunting down the perfect home THREE times, and the stress and heartache of losing out in bidding wars a couple of times. Played nice on the first offer and lost out in a 5 offer marathon that lasted 2 days. Don’t even get me started on the exchanges I had with that listing agent over that. The second one was a 15 offer battle that one buyer went a bit crazy on. Couldn’t let them get caught up in that craziness. The third multiple offer situation came up and quickly escalated into 15 competitors as well. They LOVED this home and I wasn’t going to let them walk away empty handed. We strategized and we went in for the kill. A few anxious moments, quick decisions, strategic planning with Naresh and Deposit Rocket. Some after hours number crunching we were armed with all the ammo we needed to win this war.
I would highly recommend Deposit Rocket to all realtors and buyers who find themselves short of cash for a deposit. My clients had sold their home to a developer and were waiting for the non-refundable deposit which was in process but would not be ready for 10 working days. In the meantime we found a home they wanted to put an offer on on the week-end with offers being looked at on the following Tuesday. However all their cash was tied up in their TFSA account. They were ready to cash out their TSFA on Monday but their financial advisor told them they wouldn't have access to the money until Thursday or Friday. Bank financing would also have taken as long to process. I spoke to the listing Realtor who suggested Deposit Rocket. At 10 am Monday I sent an email to Deposit Rocket and received a phone call within half an hour. They sent the application form immediately. By 1 pm we had an approval and letter guaranteeing the deposit. This would have been approved sooner except one of the spouses was unable to get to her computer until 12:30. The cost for a 1 month loan for $65,000 was $500. This of course increases the longer the loan term is. Unfortunately we lost out on the offer. However, Rocket Deposit allows you to re-apply as many times as needed (no charge) until the approved buyer finds another home. This is an unbelievable service at a an incredibly reasonable cost. If any of you have dealt with private lenders their fees are 1% to 2.5% cost of the loan plus rates running between 7.5% to 9% on the principal. I would highly recommend this service to anyone in similar situations
I just had clients go through this process to obtain their down payment required for their next home purchase. They did not have the funds available to come up with the cash themselves. Their house was sold firm and with it we were paying out many debts which made it difficult for them to obtain further financing (prior to their sale) in order to cover the deposit needed. They wouldn’t have the cash available until their home was sold firm. Their first and second offers were not accepted. We were able to Amend the Deposit Rocket for all the offers presented.
I have referred 2 clients to Deposit Rocket, they both applied and were approved instantaneously and their customer service has been stellar. Excellent customer experience!
We were putting in an offer on our dream home, and needed a deposit quickly but our investments were all tied up, and my Mortgage Agent told me about Deposit Rocket. I applied online and in 7 minutes I arranged a deposit for the offer on my new home. The first offer was not successful but we increased the Deposit Rocket and It was accepted. Thank you Deposit Rocket.
I just had clients go through this process to obtain their down payment required for their next home purchase. They did not have the funds available to come up with the cash themselves. Their house was sold firm and with it we were paying out many debts which made it difficult for them to obtain further financing (prior to their sale) in order to cover the deposit needed. They wouldn’t have the cash available until their home was sold firm. Deposit Rocket approved them instantaneously and their customer service has been fabulous. This is a great solution for clients who’s down payments are tied up in equity or investments that they just don’t want to cash out yet.
The Buyers Estate Broker informed me that we had an offer with a Deposit Rocket Guarantee on my listing. I didn’t understand what this was. I did some checking and got a call form the Company, Naresh the VP of Sales, the information I was given was honest and straightforward. I really believe this is the best and safest way to put a deposit on a Offer to Purchase a home We discussed with the Broker and we accepted the Deposit Rocket. The house closed last week smoothly, without any problems.
You have no idea how badly my clients need this.... Thank you for this!
We were referred to Deposit Rocket by our Mortgage Broker Christina, our house was sold and we needed cash for a deposit quickly. We did an online application, Deposit Rocket approved us instantaneously and their customer service has been fabulous. Naresh was on call to explain how it works, and to help with the documents. This is a great solution for clients who’s deposits are tied up in their home and can’t cash out quickly.
Great product, helped us out in a pinch!
Just helped my son with his first home, deposit rocket made it easy! Great product & great service!
Amazing service! I had an awesome experience highly recommend! ????. Thx guys
I’m a REALTOR who will ALWAYS recommend Deposit Rocket to my clients! Deposit Rocket ensured a smooth transaction for my buying clients over a weekend! Their customer service is top notch. Naresh was available to me at all hours to help guide and educate everyone involved. I can’t say enough good things about Deposit Rocket and their support team. Deposit Rocket is revolutionizing the way Canadians make deposits in Real Estate!
Great program, smooth process, happy client!
Very happy client! Amazing product. I would definitely recommend this to anyone.
This was very helpful in the the purchase of my home! Quick and simple - thank you!
I just did my first deal with this product. It was simple and straight-forward for the client to complete all the steps to get the Deposit Rocket in place.
This vision of the future is needed!
Deposit Rocket™ truly simplifies the process of making an offer for buyers whose equity is tied up. Moreover, Deposit Rocket™ makes it possible for first-time home-buyers to make a competitive offer with the support of a guarantor's equity. With this, realtors, mortgage brokers, and lenders can close transactions quickly and with confidence.
Antree Demakos, J.D., CEO of Legal-Line.ca, a federal non-profit organization providing Canadians with free legal help for over 25 years, says, "Deposit Rocket Guarantees provide home buyers with fast, online access to deposit funds which are backed by an 'A-rated' insurer. This ‘Guarantee’ is as secure for the Seller as receiving a certified cheque. We are excited to connect our four million annual users to this innovative and much-needed service.
This is such an innovative way to get deposits for a purchase!
Deposit Rocket will allow my out-of-town clients to make an offer without the inconvenience of providing a deposit cheque. They also won't miss out on any must-buy properties because their deposit funds were tied up.
Very exciting innovation coming from the team at Deposit Rocket Inc. Real estate deposits have always been a challenge and this new insuretech play has helped relieve that tremendously.
Innovation is all about solving a pain point(s) in an industry and we wanted to give a shout out to Deposit Rocket Inc. for leveraging technology and innovation to make this happen. There could not be a better time for an innovative offering to solve the deposit pain point in the real estate transaction than with an insurtech offering. We wanted to give a big shout out to Don Miller and his team for this very new and innovative solution to the Canadian market and will be interesting to watch solutions like this become the defacto industry standard like they are in Australia. Very innovative and timely new offering for the real estate industry.
I really see DR, making property ownership more accessible, more expedient to the market and helping homeowners accelerate the process. I really appreciate the solution Deposit Rocket is bringing to the market and highlighting the value of insurtech.
Many Canadians’ home equity is tied up in their homes, and because pulling it out is contingent on a bank appraisal, which can take time, that dream home risks slipping through the hopeful buyer’s fingers. However, Deposit Rocket’s partnership with Northbridge General Insurance Corporation allows it to extend deposit guarantees that are backed by an A-rated insurance company. Deposit Rocket is now available and it’s built upon a successful 30+ year model that’s common overseas, notably in Australia, and to a lesser extent with Canadian real estate developers that sometimes extend deposit guarantees on preconstruction homes. Moreover, as an online platform, digitizing every facet of the procedure, from collecting signatures to delivering the offer, significantly reduces time, which, in theory, enables a disappointed homebuyer to move on to their next target without going to the bank over and over again to deal with certified deposits.
Deposit Rocket lets you offer a bigger deposit than you otherwise might. That might be appealing to some sellers.
What Deposit Rocket is offering looks very interesting. I’ve checked the website as well as the press release and it looks to me like you have a great product!
This is an amazing service, recommend to whose people who has shortage in mortgage down payment. Customer service is very good, respect customer
What is a home or house deposit?
A house deposit is typically 5 - 10% of the purchase price of the property, and is a separate amount than the down payment on a home. These deposits are typically secured via a loan or cashier’s cheque, and also with cash equivalent deposit bonds, like those offered by Deposit Rocket.
How much should my house deposit be in Canada in 2022?
Canadians now have the all-new option of using a Deposit Rocket cash equivalent bond instead of making an offer to purchase a home with a cash deposit.
Our insurers' 'A' grade guarantee backs up your commitment to buy, making it safe for the seller.
Our fees start as a fraction of a percent of the deposit. For a quote, you can use our free Calculator.
What’s a house deposit vs a down payment?
A house or home deposit is generally 5 - 10% of the value and a down payment is typically much more - up to 20%
A key difference between the deposit and down payment is their purpose in securing the confidence of the seller and the mortgage lender, respectively, about your financial ability to own a home. While a deposit tells the seller that you are determined to purchase the property, a down payment tells the bank about your capability to handle the mortgage expenses.
Is a larger house deposit better?
A smaller house deposit can give the buyer more flexibility at the time of settlement, but in a hot housing market, a larger deposit often makes for a more competitive offer.
Deposit Rocket allows you to make a larger deposit on multiple listings without having to release your funds, sell your assets, or take out loans through closing. Home buyers with equity can instantly unlock a larger deposit with Deposit Rocket to secure a larger deposit. As funds do not change hands until closing, buyers can keep earning returns on their house deposit money until the settlement date, and since Deposit Rocket deposits are not loans, buyers need not worry about interest charges.
Is a deposit on a house refundable?
When you’re buying a property in Canada, a deposit on your home is accompanied by an Agreement of Purchase and Sale (APS). When the deposit is paid and the APS is signed, you’re officially in a legally binding contract.
Now that the purchase has been processed, it is not a good idea to try and go back on your word - the seller may have grounds to sue. Unless you have put conditions on the deposit (i.e., the sale to go through only if the seller agrees to fix a door or a fence on the property) and the conditions have not been met, your deposit can be returned after both parties sign a release form.
What is a home or house deposit bond?
The use of deposit bonds have been a standard practice in the Australian real estate world for decades, and are newly available in Canada.
Just like with a traditional house deposit, the buyer pays the full purchase price at settlement.
Is bond deposit and cash deposit the same thing?
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
What is Deposit Rocket?
We help you unlock your equity and secure your deposit online, no banks, no stress and your deposit bond is emailed to your licensed realtor, INSTANTLY!
Deposit Rocket provides a bond that works as a cash equivalent instead of a certified cheque in the home buying process. It replaces the home or house deposit and makes the process faster, safer, and so much easier.
Deposit Rocket is backed by the Northbridge General Insurance Corporation rated “A” (excellent) by A.M. Best, “A-” (strong) by S&P, and “A” (good) by DBRS and are as secure for the Seller as a cash deposit/certified cheque.
Is Deposit Rocket a loan?
A Deposit Rocket has a one-time cost that is calculated based on the deposit guarantee amount desired and the term required.It is not a loan extended to you and therefore, you won’t have to borrow any money or pay any interest!
So what’s so great about Deposit Rocket?
Deposit Rocket unlocks the equity in your current home or assets, so you do not have to tie up or secure a line of credit or deal with the bank or home appraisal fees.
Using a Deposit Rocket Guarantee also allows you to keep your money invested in the market so your investments keep earning you money until closing.
- 5-minute online application, instant issuance!
- No banks, bridge loans or borrowing from friends and family
- No arranging & delivering certified cheques
- Your money stays in the market
- Can make as many offers, on as many houses, as needed, until you are the successful buyer - at no additional cost
- No home appraisal
- No Line of Credit applications
- No investment breakage fees
- Insured by Northbridge General Insurance Corporation rated “A” (excellent) by A.M. Best, “A-” (strong) by S&P, and “A” (good) by DBRS.
How does Deposit Rocket work?
Deposit Rocket Guarantees are simply your ‘promise to pay’ the deposit amount, at closing.
Your promise is backed by our insurers ‘A’ rated guarantee, making it secure for the Seller.
We are willing to guarantee that you will provide the deposit amount upon closing, after we have verified that you have sufficient home equity or liquid investment to do so.
Deposit Rocket Guarantees are available from $10,000 to $100,000, for up-to 9 months.
Our five minute online system provides near instant approvals and your Deposit Rocket Guarantee is emailed to you and your licensed realtor.
How many offers can I make with my Deposit Rocket?
This is a huge benefit as a buyer - giving you the flexibility to make multiple offers on homes you adore.
Who qualifies for a Deposit Rocket?
- Canadian residents
- More than 18 years of age
- Making an offer to purchase an owner-occupied residential property*,
- Available in any province in Canada (except Quebec),
- Utilizing a licensed Realtor
- Must have sufficient home equity or liquid investments to qualify
Are first-time home buyers eligible for Deposit Rocket?
First-time home buyers with sufficient liquid investments are eligible for a Deposit Rocket OR your parents can apply as guarantor(s) if they have sufficient home equity. Don’t worry - it’s an easy process and no credit check, bank visits, or complex paperwork.
A good rule of thumb: Home equity or liquid investments are typically 1.5X the amount of the Deposit Rocket Guarantee amount.
How much does a Deposit Rocket cost?
Our fees start at less than 1% of the deposit amount. Please see our Fee Calculator for a quote.
How long does a Deposit Rocket take?
Approval processing time varies from immediate, to 1-2 business days, depending on your application. Once approved, your Deposit Rocket is emailed to you and your licensed realtor immediately.
If you have sufficient equity in your home, your application will be approved instantly.
If you have been pre-approved for a mortgage, your application will be approved within hours.
If you qualify for a Deposit Rocket with liquid investments or your parents home equity, your application will typically be approved in 1-2 business days upon receipt of a completed application.