New hire a sector specialist
Deposit Assure has appointed Grant Bailey to the role of head of partnerships, working with brokers, aggregators and industry associations.
Deposit Assure provides deposit bonds to homebuyers across Australia, including first-home buyers, people upsizing and downsizing and investors.
Bailey (pictured above left) joins Deposit Assure from rival Deposit Power, where he held several roles, most recently that of general manager. Starting out in the late 1990s as operator of a Sydney-based brokerage, Bailey has more than 25 years’ industry experience.
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In addition to working with brokers, Bailey drives sales and marketing initiatives. He also takes an active role in implementing strategic objectives, identifying new market opportunities and mentoring the sales team.
Bailey said he was impressed with Deposit Assure’s growth plan and was eager to take part in its implementation.
“Though it’s equally important to me to be in a progressive, collaborative environment that fosters growth and celebrates cumulative successes,” Bailey said. “And it was evident from the get-go that a positive team culture was at the core of the business's success.”
Deposit Assure CEO Etienne Rizzo (pictured above right) said Bailey would be an asset to the executive team.
“He has extensive industry experience, is a renowned deposit bond specialist with unrivalled product knowledge and is highly regarded within the broking community,” Rizzo said. “Culturally, Grant is a really good fit for the organisation, and it’s been great to see him be embraced by the team. Strategically, his appointment aligns with our vision of having the leading executive team in the deposit bond industry.”
Having commenced operation in 2015, Deposit Assure is a leading provider of deposit bonds, used by home buyers who don’t have easy or ready access to their cash deposit.
Underwritten by QBE insurance, a deposit bond provides a guarantee for up to 10% of value of the purchase price of the home, to secure the purchase.
According to Deposit Assure, the top three purchase scenarios where deposit bonds are obtained by brokers for their clients are upsizers, first-home buyers and investors.
Upsizers, who are typically “asset rich and cash poor”, often don’t have ready access to cash. Similarly, investors may have cash tied up in existing property. Due to efficiencies in timing and cost, they may choose to obtain a deposit bond, rather than draw down on their equity.
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First-home buyers may be short on savings and want an alternative to leveraging the “bank of mum and dad”. Rather than asking parents to help with a cash deposit, a deposit bond could be obtained on the back of the finance approval for the 100% lend, Deposit Assure said.
