Within the context of a Family Guarantee Home Loan, 'Term Deposit' refers to a sum of money lodged with IMB by the guarantor as security for the guarantee they are providing. The Term Deposit must remain in place until the borrower’s Family Guarantee Home Loan is repaid or IMB agrees to release some or all of the guarantee.
Interest is still earned on the Term Deposit and will be paid to the guarantor, except where either the guarantor or the borrower is in default of their obligations in respect of the Family Guarantee.
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