What is a holding deposit?

A holding deposit is a payment you make to reserve a specific Morro home while your application is processed.

Once the holding deposit is paid, the home is taken off the market so you have time to complete referencing and move through the next steps. Referencing is carried out by Homeppl, Morro’s third-party referencing provider.

The holding deposit shows that you are serious about applying for that home, so it is best to pay it only when you are confident you want to go ahead. If you are choosing between a few homes, speak to the Morro team first and they can help you compare your options.

When your tenancy begins, the holding deposit is credited against your first month’s rent. This means it becomes part of your first payment rather than a separate ongoing charge.

There are some situations where a holding deposit may be retained, so it is important to read the holding deposit terms before paying.