Rent.com.au has updated RentBond, its bond finance solution for renters, with changes designed to make securing your next rental property easier.
This article on RentBond will discuss:
- The story behind RentBond;
- What the RentBond product is;
- How RentBond works;
- Why bond payments are easy with RentBond; and
- Tenant RentBond FAQs
Behind the scenes
Ongoing feedback from our key audiences (Renters, Agents and Landlords) reveals a key insight: One of the biggest struggles Renters face in the moving process is coming up with the security (rental) bond.
Combined with hefty moving costs, paying rent in advance and a new rental bond can stretch most budgets, especially when a tenant’s bond return is still outstanding from their previous rental.
Key issues such as expanding the family, setting up new school enrolments or moving to a new suburb can all induce a level of stress when shared with the financial burden of paying the rental bond. Some Renters simply prefer to save their money for other priorities during the moving process.
What is RentBond?
RentBond is a revolutionary bond payment plan offered through Rent.com.au. Tenants can use the service to pay their bond in full at the beginning of a tenancy and repay it over 6 or 12 month instalments.
Applying is easy, and no credit rating is required. Paying your rental bond in smaller, monthly instalments lets you save money for more important things, like enjoying your new home.
How does it work?
We’ve made it easy to apply. Once you’ve been approved for your new rental property, simply complete your application at rent.com.au. Once approved and your contract has been accepted, your bond will be paid to your property manager within 24 hours. That’s it!
You (as the new tenant) will then pay the monthly instalments until the bond has been paid in full.
Why bond payments are EASY
- Instant approval
- 6 or 12-month easy payment option
- No minimum or maximum bond value
- No supporting documents required
- Same day, full bond payment
Frequently Asked Questions
[expand title=”What is RentBond?“]RentBond is the smart way to pay your rental bond via a payment plan that allows you to spread the cost of your rental bond over 6 or 12 monthly instalments.
Applying is easy and no credit rating is required. Simply use our easy online application. If approved, we will confirm your acceptance and deduct your first instalment immediately. We then provide same day payment of the bond to your Property Manager or Government Bond authority.
This service is made available by Principal Finance, an independent finance company with a reputation for providing innovative finance solutions across a wide variety of industries for more than 30 years.[/expand]
[expand title=”How does it work?“]Using RentBond is fast and easy.
Step 1: Once accepted for your new rental property, simply apply online.
Step 2: You will be asked to complete your application online with details including the address, the property manager’s details, and the bond amount.
Step 3: If approved for RentBond, you will be issued with an agreement. Once you have accepted the agreement and provided payment details for your RentBond instalments, your bond will be paid to your Property Manager or Government Bond authority the same day.
Step 4: That’s it! We deduct your monthly instalments until the bond has been repaid in full.
[expand title=”Are there any other fees and charges?“]We may charge a reprocessing fee of $15 if we need to reprocess a payment due to a payment default by you, and a cancellation fee of $20 to cover our administrative costs associated with any cancellation of this contract by you.[/expand]
[expand title=”How much can I apply for?“]There is no limit to the amount you can apply for, but your maximum RentBond amount must match your bond amount.
[expand title=”Can I use RentBond if I have already paid my bond?“]No. If your Property Manager has already received payment from you, you will not be able to use the service.
[expand title=”Can I use RentBond with any Agent or private Landlord?“]RentBond can be used for any property rented through a registered Real Estate Agent. Currently, RentBond can’t be used for properties rented through a private landlord.
[expand title=”Can I pay my rent, letting fees or holding deposit with RentBond?“]No. RentBond is only available for the payment of your rental bond, and cannot be used for any other purpose.
[expand title=”Will I receive the funds directly?“]No. To protect the security of the rental bond payment, the bond will be paid directly to your Property Manager or Government Bond authority.
[expand title=”How do I get my bond back later when I end my lease?“]Your bond is returnable to you from the Property Manager as per normal. Your RentBond contract is not tied to your lease.
APPLYING FOR RENTBOND
[expand title=”If I apply for RentBond, will it show on my credit file?“]RentBond is the smart way to pay your rental bond via a payment plan that allows you to spread the cost of your rental bond over 6 or 12 monthly instalments.
[expand title=”How long does it take to get approved?“]Once you’ve been accepted for a rental property, complete our easy online application and we will immediately confirm your acceptance and deduct your first instalment. We then provide same day payment of the bond to your Property Manager or Government Bond authority.
[expand title=”What happens once my application is accepted?“]Once your application has been submitted with your new property address, you will be asked to read and accept your contract online and provide repayment details. Your bond will then be processed either the same day or the next business day, paid directly to your Property Manager.
[expand title=”How long does it take for the bond to be paid?“]Providing we receive the completed application by 3pm ACST the bond will be paid into your Property Manager’s trust account or Government Bond authority the same business day.
[expand title=”How is my personal information used by Principal Finance?“]Rent.com.au and Principal Finance’s privacy policies apply to all personal information you provide as part of your RentBond application. These policies are available here.
[expand title=”Who can I contact for more information about this service?“]You can contact either Rent.com.au, or Principal Finance. Our contact information is below.
1300 736 810
Monday – Friday, 6am – 5pm AEST
1300 636 333
Monday – Friday, 8am – 5pm ACST
[expand title=”How long do I have to repay?“]RentBond can be repaid over either 6 or 12 months. If your lease term is less than 12 months, you will need to repay on the 6-month term.
[expand title=”Can I pay my RentBond out early?“]Yes. You can pay out the outstanding balance inclusive of any fees and charges on any day you wish.
[expand title=”How can I find out the payout figure?“]You can contact Principal Finance on 1300 636 333 and request a payout statement.
[expand title=”What do I do if I cannot make a repayment?“]Contact Principal Finance immediately to discuss the matter on 1300 636 333.
[expand title=”What happens if I dishonour a payment?“]If you dishonour your monthly repayment, a reprocessing fee will be charged and we will attempt to redraw again in 7 days. You will be notified by post if this happens. If you then default on the redraw, another fee is charged and a second notice will be sent to you.