“Am I eligible to apply and be approved for a bond loan?”
Applying for RentBond is easy. Paying your rental bond in smaller, monthly instalments lets you save money for more important things, like enjoying your new home.
If you just need a short-term loan while you wait for your bond refund, RentBond now has the option of borrowing the funds for up to 21 days at no cost. So, if you receive your bond refund and pay back your RentBond loan in full within the first 21 days, you won’t pay interest or any other costs.
How does the interest-free period work?
Example 1: You borrow $3,000 and repay it in full on day 21 – the loan is completely interest and fee-free.
Example 2: You borrow $3,000 and repay $2,000 within 21 days – fees and charges are reduced proportionally to reflect the unpaid balance and the remaining $1,000 continues on as a standard RentBond loan.
Example 3: You borrow $3,000 and pay it back over 6 months – The loan is treated as a standard RentBond loan. Interest, fees and charges apply.
Who qualifies for RentBond?
We’ll assess your RentBond application on a range of factors, including your income, your ability to repay the loan, and your past credit history. As a guide, these are some of the basic requirements you’ll need to meet:
- Be 18 years of age or older and living in Australia
- Have not entered into bankruptcy or a part 9 agreement within the last 12 months
- Be willing to provide your bank statements online. (Please note, bank statements can only be submitted via our secure online service).
You can apply and get conditionally approved for RentBond before you’re ready to move. When you’re ready to move and need the funds, you’ll be asked to complete your conditionally approved application.
Don’t have a home yet? Don’t stress. You can complete a RentBond application without having been approved for a property.