DEFT Auction Pay allows you as a property buyer to pay your deposit by Direct Debit from your bank account.
Here's how it works:
- The sales agent enters details of the sale on their mobile device
- You add your bank details, email address and approve the payment. You don’t need to have a bank account with Macquarie. Any Australian bank account that accepts Direct Debit is ok
- A confirmation receipt is emailed to you and agent, and payment is processed into the trust account
- Payments can take up to three business days to clear.
Here are some things to consider before using DEFT Auction Pay:
- Make sure you have enough funds available in your account
- You’re unable to use an international bank account to make deposit
- It’s a one-off direct debit transfer which means your daily limits don’t apply
- There may be a $0.85 fee payable at the time of payment. This will be clearly identified before you confirm the payment.
- Some high interest savings accounts may not be appropriate as they do not accept direct debit. Check with your account issuing institution to find out
- The agent will also need to accept DEFT Auction Pay payments. Check with your listing agent if they’ll be accepting payments with DEFT Auction Pay.
If you bank with Macquarie, any of the below accounts will be able to accept an Auction Pay payment:
- Cash Management Account (CMA)
- Transaction Account
- Savings Account
- Home Loan Offset Account.
For more information, please visit DEFT Auction Pay.