How Does Home Deposits Now Work?

Home Deposits Now is Canada’s all new way to secure your home deposit - instantly.

Home Deposits Now is a cash-equivalent alternative to the traditional cash deposit. Our simple process eliminates the need to cash out home equity or stock portfolios, or deal with loans and cashier’s cheques.

Here’s how it works:

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Get your home deposit INSTANTLY.

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Keep your cash and unlock your equity with Home Deposits Now

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Easy 5 Min enrollment, no credit checks!

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No need for a loan, line of credit, or bridge financing.

Your house deposit NOW, no loans or credit checks!

We help first-time home buyers, existing homeowners, and Canadians buying seasonal property.

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How does $100,000 towards your home deposit sound?
Sounds too good to be true?

Well, it's true.

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A few quick questions...

Are you a Canadian resident (except Quebec)?

Are you 18 years or older?

Do you have home equity, investments, or parent's home equity?

Are you in the process of making a purchase offer on an owner-occupied house?

Are you working with a licensed realtor?

Suppose you've answered yes to all the above questions, congratulations!
You are eligible to apply for your Deposit Guarantee!

It’s as simple as 1-2-3-4

step 1
apply

Apply For A Home Deposits Guarantee

check No credit applications

check No appraisals on your house

check First-time home buyers

check Existing homeowners

step 2
apply

Get Approved in 5 Minutes

check You and your licensed realtor will receive a Home Deposits Guarantee that acts as a cash substitute for your deposit within a few minutes.

step 3
deposit

Deposit Guarantee Replaces Your Cash Deposit

check Our Deposit Guarantee takes the place of the cash deposit required before purchasing a property. This can give you crucial leverage in real estate bidding wars! You and your realtor can also leave nothing to chance - no arranging and delivering certified cheques, no time-wasting nuisances.

step 4
closing

At Closing Pay The Full Purchase Price.

check Once you've your offer is accepted, pay the full price at closing - just like in a cash deal. Not successful? We'll issue another Guarantee until you are the successful bidder - free of charge.

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Benefits

Save hundreds of dollars and hours of time vs traditional methods

Home Deposits Now Guarantees are quicker and easier than traditional methods of securing your home cash deposit.

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Up to $100,000
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Up to 9 months
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Approved in minutes
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Up to 10% of the home purchase price
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Make unlimited offers at no extra cost
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Reward MILES® on every Guarantee

Accepted and Compliant Across Canada (Quebec coming soon!)

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$1,000 $1,000 $100,000
1 Month 3 9 Months

Your Cost: $500

See how much you can save vs traditional deposit methods

Get your instant quote and cost comparison
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See why our customers love us.

C

We discovered Deposit Rocket at the recommendation of our mortgage broker. We were using RRSP’s towards our downpayment, so needed an option to be able to make our deposit with our offer. Since I had never heard of this product before, Naresh answered all my questions and made the process very straight forward. We were able to make our offer successfully using the deposit rocket, and throughout the process Naresh communicated with our realtor and the sellers realtor to address any questions that came up. This was a great option for us and I wouldn’t hesitate to recommend to anyone.

Carol Hill

Incredible customer service! Application was simple and fast. Very quick to respond to questions. Would highly recommend Deposit Rocket to anyone looking to purchase a home.

Jen Middleton

Mara

Sometimes, the true measure of a service provider is when things don't go perfectly, and the provider stands behind their client, providing the service of fixing the problem. It's innovative, and as a Realtor I found the process was fast and user friendly; for both myself and my client. I must say, that calls were returned promtly, having a direct line to a person to ask questions to also made a huge impression. To your continued success Naresh!

Ryan Anderson
S

Deposit Rocket is really good site for Home Buyers. They help us in paying the initial deposit and I have to particularly mention about Naresh who helped me in an extraordinary situation. Thank you Naresh and I really appreciate your efforts.

Shenthil Balasubramanian
J

We didn't actually use deposit rocket, because we didn't realize we needed to have it completed before we put offers in....but Naresh and the team were very helpful in answering questions. I would recommend this service.

Joy Dodd
M

Deposit Rocket is an innovative solution to providing a deposit for purchase that is not readily available. As a mortgage agent, before Deposit Rocket if clients did not have access to liquid funds and needed to leverage their equity to do so quickly, we would need to arrange a short term private mortgage. Privates, were a great solution, but they are much more expensive and cannot fund the same day needed legal registration! Now that we have Deposit Rocket, I suggest them to all my clients needing funds for a deposit on their new purchase. Their application is simple, the process is quick and their team offers exceptional service. Our realtor partners love this too, because they know their clients have a secure deposit that can be available in time for offers. And in most cases they now have a larger deposit - for a more competitive offer.

Michael Hewitt
J

Deposit Rocket was incredible! They worked with our amazing Broker to get things done quickly and without stress for us. They were able to work through a glitch that could have been a real issue and get us sorted out within 24 hours. When all was said an done we got a personal call from their Vice President thanking us for our business and letting us know he is available if we need him over the weekend. This is outstanding customer service and we would highly recommend them to anyone purchasing a home! Scott and Jo Kelly

Joanna Kelly
K

We had an amazing real estate agent Lana Golowin and we used Deposit Rocket for a deposit for our new house. It was quick and easy to complete. I would recommend it.

Kendra Lawrence

I was introduced to Deposit Rocket in November and was able to share it with my clients to purchase their home. This method of accessing funds for a deposit is extremely efficient, easy & quick! I will definitely recommend to future clients!

Lana Golowin
L

This is such a great tool to have at your disposal! Deposit rocket has been a huge help for us when we needed to put down a deposit and quick! We didn’t have the amount readily available so this really saved us so we could get the home we wanted. I highly recommend this service to everyone!!! It helps the buyers, sellers and agents all get what they want!!

Lola Ajayi
S

Samer Al-Zubaidi

It was fairly simple, and very instant!!! Our money was tied up in our houses that just sold. We were able to secure the deposit on our new house through Deposit Rocket. Not all realtors are familiar with this method, so they need to be educated. All in all, it was our saving Grace. Money well spent! We are very Satisfied and we are telling everyone we know about this awesome way to put a deposit on a house. Thanks Rocket Deposit!!!!

Denise and Shawn
S

This was very helpful in the the purchase of my home! Quick and simple - thank you!

Sarah C

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.

Cheryl Moyer

This is an amazing service, recommend to whose people who has shortage in mortgage down payment. Customer service is very good, respect customer

Sabin Gautam
M

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.

Murray Robinson
A

After I got the welcome letter by email from 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 didnt affect my credit.

Anand Pandya
J

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.

Jodi Roe
M

Amazing service! I had an awesome experience highly recommend! Thx guys

Mike Mcdonald
Z

Just helped my son with his first home, deposit rocket made it easy! Great product & great service!

Zhi Wei Ma

Great product, helped us out in a punch!

Anna Anita

Very happy client! Amazing product. I would definitely recommend this to anyone.

Crystal Lee
secure home deposit

Ready to secure your instant home deposit?

Questions About Our Process

What is Home Deposits Now?

Home Deposits Now is the all-new way to make an offer on your next home.

We unlock your equity in your current home and investments to secure your deposit online, no banks, no stress. Your deposit guarantee is emailed to your licensed realtor, INSTANTLY!

We provide a deposit guarantee that works as a cash equivalent instead of a physical deposit cheque in the home buying process, helping home buyers with more flexibility and speed. It replaces the cash deposit and makes the process faster, safer, and so much easier!

Our Guarantees are backed by an ‘A’ rated, licensed, Canadian insurance company.

Is a Home Deposit Guarantee a loan?

No

It’s a Guarantee or promise that the buyer will pay the home deposit upon closing. No money actually changes hands until closing. Come settlement, the purchase price is paid in full, and the guarantee simply lapses.

Our Guarantees have 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, run your credit score, nor pay any interest!

What’s so great about Home Deposit Guarantees?

No

  • We are fast, simple, and easy
    • 5-minute online application, instant issuance
    • No credit checks
    • No liens or appraisals
    • Secure your deposit anytime

  • We are convenient
    • No need to cash out home equity or investments
    • No hassle of physical deposit cheques
    • Saves you the awkward borrowing of money from friends and family
    • Make unlimited offers - no additional cost

  • We are cost-effective
    • Low-cost alternative compared to traditional methods like
      • Overdrafts
      • Bridge financing
      • Credit cards
      • Short-term loans

    • Your money stays in the market
    • No investment breakage fees

  • We are compliant and ‘A’ Rated
    • Compliant across Canada with Quebec coming soon
    • Nationally recognized ‘A’ rated insurance product

How do Home Deposit Guarantees work?

Instead of making an offer to buy a home with a cash deposit, Canadians now have the all-new alternative of using a Home Deposit Guarantee, if their deposit money is tied up in their home equity or their investments.

Our Guarantees are simply your ‘promise to pay’ the deposit amount, at closing.

Your promise is backed by an ‘A’ rated, licensed Canadian Insurance Company, making it secure for the Seller.

We are providing a Guarantee that you will pay the deposit amount upon closing, after we have verified that you have sufficient home equity or liquid investment to do so.

Home Deposit Guarantees are available from $10,000 to $100,000, for up-to 9 months.

Our five minute online system provides instant approvals and your Home Deposit Guarantee is emailed to you and your licensed realtor.

How many offers can I make with my Home Deposit Guarantee?

You may make as many offers, on as many houses, as needed, until you are the successful buyer - at no additional cost!

This is a huge benefit as a buyer - giving you the flexibility to make multiple offers on homes you adore.

Who qualifies for a Home Deposit Guarantee?

  • 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

*Note: Mortgage Helpers, such as renting out the basement is acceptable.

Are first-time home buyers eligible for a Home Deposit Guarantee?

Yes!

First-time home buyers with sufficient liquid investments are eligible for a Home Deposit Guarantee OR your parents can apply as guarantor(s) if they have sufficient home equity.

Don’t worry - it’s an easy process with no credit checks, bank visits, or complex paperwork.

A good rule of thumb: Home equity or liquid investments are typically 1.5X the amount of the Home Deposit Guarantee amount.

How much does a Home Deposit Guarantee cost?

The cost depends on the deposit amount and the term that is purchased. Our fees start at less than 1% of the deposit amount.

Please see our Fee Calculator for a quote.

How long does a Home Deposit Guarantee take?

Our online application takes only minutes to complete.

If you have sufficient equity in your current 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 Home Deposit Guarantee 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.

How much should my home deposit be in Canada in 2022?

Home or house deposits in Canada are usually between 5 - 10% of the property value, but there isn't a hard rule for what makes an adequate house deposit amount.

Canadians now have the all-new option of using a Home Deposits Now cash equivalent guarantee instead of making an offer to purchase a home with a traditional cash deposit.

Our insurers' 'A' grade guarantee backs up your commitment to buy, making it safe for the seller, and easy for the buyer.

Our fees start as a fraction of a percent of the deposit. For a quote, you can use our free Calculator.

Is a larger house deposit better?

A larger deposit often makes for a more competitive offer. Home Deposits Now 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.

We help home buyers with equity, and can instantly unlock a larger deposit with Home Deposits Now. As funds do not change hands until closing, buyers can keep earning returns on their house deposit money until the settlement date, and since guaranteed deposits are not loans, buyers need not worry about interest charges, applications, or even credit checks!

Is a deposit on a house refundable?

Not often.

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 and the conditions have not been met.

What is a home or house Deposit Guarantee?

A Deposit Guarantee is an insurance Guarantee made in lieu of a cash deposit with an offer on a property. It defers the need to pay cash up front; saving you from cashing out home equity or investments, awkward family conversations, or utilizing your line of credit.

The use of deposit guarantees have been a standard practice in the Australian and European 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 a Guaranteed Deposit and cash deposit the same thing?

A cash deposit is typically done via a cashier’s cheque from a bank - which includes liquidation of assets or applying for a loan or line of credit.

A deposit guarantee is, in essence, an insurance policy that promises the seller security knowing that the deposit (i.e., 10% of the property) will be paid to him/her should the buyer fail to close.

A Deposit Guarantee allows the buyer to:

  • Continue to earn interest on their deposit monies as their savings remain intact
  • Avoid expensive time delays and bridge loans
  • Make multiple offers at no extra cost
  • Get secured online in minutes - not hours of paperwork