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Types of Bank Guarantees
Pick the right instrument for your lease, project, or contract — fast and fully digital
Different projects call for different guarantees. This guide explains the most common types in Australia, how they work, and how to issue them online with clear audit trails and instant beneficiary verification.
Our Network
Features and Benefits
MyGuarantee offers secure, cost-effective and sustainable digital bank guarantees through an efficient and responsive application process - delivering speed, transparency, accuracy and security.
Fast
Digital requests and confirmation with beneficiaries
Cash Secured
Cash secured with Perpetual and AMP
No Fees
No application fee and no recurring fees
Key Features
Everything you need to deliver a complete MyGuarantee experience.
Same-day processing
Once onboarding is complete, guarantees can be created, approved and activated in hours.
Secure against fraud
Bank-grade encryption, verification, and role-based access controls across every action.
Live tracking
Real-time status from application to issuance, amendments and cancellation.
Reporting
Customisable reports for audit and operations.
Real-time updates
Instant email and dashboard notifications on status changes and required actions.
Full transparency
Clear visibility over every step to build trust with applicants and beneficiaries.
Documents dashboard
Single place to view, manage and download digital guarantees and related files.
Visible audit trail
Immutable, time-stamped logs of changes and approvals - auditor-ready, always.
New to guarantees? Start with what is a bank guarantee, learn the steps to get one, or go straight to apply digital bank guarantee.
Commercial lease guarantee
Secures rent, fit-out obligations, make-good and other lease terms. Widely accepted by landlords. See our solution: commercial lease bank guarantee and compare with security deposits.
Performance guarantee
Covers delivery and quality obligations under a contract (construction, services, supply). Often staged with reductions at milestones. Learn the lifecycle and claims.
Payment guarantee
Protects against non-payment for goods or services supplied. Useful for multi-site and recurring contracts. Check typical fees & costs.
Tender / bid guarantee
Demonstrates commitment during procurement; forfeitable if the successful bidder withdraws. For fast turnaround, see same-day digital bank guarantee and instant bank guarantee online.
Advance payment guarantee
Secures an upfront payment made to the supplier, typically reduced as work is completed. Manage amendments digitally via the digital bank guarantee platform.
Warranty / maintenance guarantee
Covers defects liability after completion or handover. Simple to extend or reduce with online setup and management.
Contractor guarantee
Common for builders, subcontractors and services vendors to secure performance/payment terms. Deep dive: bank guarantee for contractors.
SME / tenant guarantee
Streamlined onboarding, guided steps and fast issuance for smaller teams. Start with bank guarantee for small business.
Custom / contract-specific wording
Aligns to specific clauses (governing law, presentation rules, claim conditions). Review requirements in Australia and our landlord template.
Why issue these guarantees digitally?
Digital issuance removes paper handling and courier delays, adds role-based access with immutable logs, and enables instant authenticity checks for beneficiaries via verification online. Compare digital vs paper and see the benefits of digital bank guarantees.
Common questions
Which type should I choose?
Match the guarantee to the obligation: leases → lease guarantee; delivery quality → performance; payment risk → payment; procurement → tender/bid. If unsure, start with how it works.
How fast can I get one?
Digital flows can support same-day outcomes once onboarding is complete — see same-day digital bank guarantee.
What will it cost?
Costs vary by amount, term and wording requirements. Review bank guarantee fees, plus no application fee and fee-free pages.
Issue the right guarantee — the easy way
Apply in minutes and manage everything online — from issuance to staged reductions and final release.
Explore more topics: definition · how to get one · where to get one · digital vs paper · benefits · requirements · SMB guide