Macquarie Express Guarantee
A bank guarantee with a return
Overview
A Macquarie Express Guarantee can be used instead of a cash deposit when buying property or as a commercial bond on your lease or building contract. The guarantee is available up to a maximum amount of $499,999.
Macquarie Express Guarantees allow you to:
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receive your guarantee faster, with a typical processing time of just four days from receipt of funds and completed application form
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receive interest calculated daily and paid monthly
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choose your expiry date or leave the guarantee open.
Features
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no ongoing account keeping fees - just a one-off application fee of $400
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no credit approvals required
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no need to have an existing banking relationship with Macquarie
For more information read our frequently asked questions or apply now by downloading an application form.
Frequently asked questions
When will Macquarie issue a Bank Guarantee?
To secure your obligations under a Contract entered into with another party. For example:
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When you enter into a contract to purchase a property, a Bank Guarantee is issued to the vendor (the Beneficiary) equal to the amount of the deposit required. It effectively takes the place of a cash deposit between the time of exchange and settlement of the property.
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When you enter into a lease to occupy premises, a Bank Guarantee is issued to the landlord or estate agent at the start of a lease as security for damage or unpaid rent.
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When you enter into a building contract, your builder may require security to be lodged for reasons such as cost overruns or failure to meet a progress payment. A Bank Guarantee can be issued for this purpose.
What fees and charges are involved in getting a Bank Guarantee?
A one-off upfront application fee of $400 applies. There are no ongoing account keeping fees.
What fees and charges are involved in canceling a Bank Guarantee?
Generally none. However, if Macquarie is required to attend a settlement to exchange the cash security deposit (or any part of it) for the return of the Bank Guarantee or Replacement Guarantee, Macquarie may require you to pay a Settlement Fee.
Can I use something other than cash for security?
No. To enable us to process your application as quickly and effectively as possible only cash is acceptable as security.
Do I earn interest on my cash security deposit?
Interest is earned at the Macquarie Express Guarantee rate on amounts from $0 to $499,999. It is calculated daily and paid monthly in arrears. The Macquarie Express Guarantee rate is a variable rate of interest and is subject to change at any time without notice.
View the current rates.
Can I send a cheque for my cash security deposit and application fee?
If you send your payment electronically, we can start processing your application immediately upon receipt of funds, application fee and application documents. The process will typically take just 4 days. You can pay by bank cheque (no personal cheques accepted) but it will take a few extra days as we can only start processing your application once the funds have cleared.
Do I need to have an account or a banking relationship with Macquarie to apply for a Bank Guarantee?
No. Bank Guarantees are available to any applicant, regardless of location and up to a maximum amount of $499,999. You don't need to have an existing banking relationship with Macquarie.
When does the Bank Guarantee expire?
The Bank Guarantee can be issued with or without an expiry date. If the Bank Guarantee is issued without an expiry date it will expire upon either of the first to occur:
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the original Bank Guarantee being returned to Macquarie; or
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payment being made by Macquarie to the Beneficiary under the terms of the Bank Guarantee.
How is this product different to what other financial institutions offer?
Other financial institutions will generally require that you provide three years' of financial statements and go through a credit assessment process, which may take 1-4 weeks. Ongoing fees are often charged and your facility may be subject to annual review. With Macquarie, no financials or credit approvals are required and there are no ongoing account keeping fees. It is set and forget.
Who do I contact if I have any questions?
See the contact us details on the right side of the page.
