Moving soon? A bond loan can help you with cash flow when you need it most, letting you pay your rental bond back in instalments instead of one large lump sum.
Found a new place to move to after your landlord needed their property back? If you’ve left the property in good condition, you might be confident you’ll get your bond back from your previous rental.
But if you’ve been stung by bond claims before and have found yourself short on cash, you might have found yourself looking at ads online for bond loans or housing loans. But what are they, and how can help?
What is a bond loan and how do they work?
A bond loan is a loan for a people who cannot afford to pay a full rental bond upfront, or simply wish to free up cash flow during what is often an expensive moving period.
Bond loans are a helpful option for anyone who has encountered the age-old problem of moving: You have to pay your new bond before you get your old bond back. This lag period is a well-known problem for renters in Australia.
Bond loans are effectively a form of personal loan. In most cases, the money is given directly to you (the tenant) to use for your bond. You can choose to send the money to your agent’s trust account or landlord’s bank, or lodge it with the Rental Bond Board. In New South Wales, your landlord must give you the option of lodging your bond online directly with the Rental Bond Board.
Some bond loans on the market, such as Rent.com.au’s bond finance option RentBond can be used for anything you like – whether that’s the rental bond, rent in advance or moving costs. Rent.com.au is one of the largest rental listing sites in Australia and has partnered with loan provider Fair Go Finance to provide bond loans through RentBond.
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Pay your loan back in 21 days and pay no fees or interest with RentBond
RentBond applicants have the option to use an interest and fee-free version of the bond loan. If you pay off the loan within 21 days, it will have cost you nothing other than a few minutes of your time. After 21 days, your RentBond reverts to a regular bond loan.
What eligibility criteria is required for a bond loan?
RentBond is open to applicants have not entered into bankruptcy or a part 9 agreement within the last 12 months. Your RentBond application will be assessed on a range of other factors, including your ability to repay your loan, and your past credit history.
As a guide, applicants will also need to be 18 years of age or older and living in Australia, and be willing to provide bank statements online. Bank statements can only be submitted by our secure online service.
What if things go wrong while I have a bond loan?
It’s important to consider the implications of late fees, interest and potential charges that come with these products before you enter into a bond loan. But if you are confident you can pay the loan back in a reasonable time, choosing a bond loan like RentBond can be a useful move.
If you run into any financial problems, it’s important to discuss this with your loan provider. If you’re feeling worried about your money and debts, we recommend you talk to a financial counsellor about your situation. Starting the conversation early can save you a lot of stress and money down the track.
Have questions about RentBond?
Contact Rent.com.au on firstname.lastname@example.org or phone 1300 736 810 (Monday – Friday, 8.30AM to 6.30PM AEST), or Fair Go Finance on 1300 324 746 (Monday – Friday, 8.30AM to 6.30PM AEST, Saturday 10AM to 2PM AEST).