What is a rental bond?
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In Australia, when renting a property, a rental bond is usually requested. A rental bond is an amount of money the tenant must pay in advance to the landlord. This money is held in trust and provides some protection to the landlord in the event the tenant damages the property or does not pay the rent.
How much is a rental bond?
Depending on which state of Australia you are renting in, each has their own guidelines as to how much the rental bond is allowed to be. The most common guideline involves multiplying the weekly rental amount by four. So, if you are renting a property for $250 per week, the bond will be $1000. To find out more about your particular state, click here. What if I can’t afford the rental bond? At Fair Go Finance we understand that finding such a large sum of money can be difficult. That is why we can provide bond loans that can assist with this cost. Bond loans can be used towards a number of expenses you may experience when moving to a rental property, such as;
The rental bond on a rental property
Buying furniture or appliances for your new home
Removalists or general moving costs
Any expenses that crop up as you’re moving house
This means you can use our bond loan for anything that is related to moving to a new rental property.
What is a bond loan?
A bond loan (also known as a rental bond loan or moving house loan) is a short-term loan that can be used to pay a rental bond, cover moving expenses, or pay your rent in advance.
What is 21-day interest-free bond loan and how it works?
If you are applying for a bond loan, you can take advantage of our 21-day interest-free loan. This works well if you expect to receive a previous bond back or maybe receive other funds.
It works like this. If you pay the entire loan back within 21 days of it being funded, we will reverse all of your fees and interest for this loan. You can also benefit from reduced fees and charges if you make a part payment within the first 21 days.
For example, if you take out a $2,000 bond loan, and repay $1,000 back within 21 days of it being funded, you will only pay the costs associated with a $1,000 loan. (I.e. your fees will be reduced by half and you will receive a rebate.)
How long does a bond loan take to be approved?
The approval depends on the lender’s application process. At Fair Go Finance, our application is 100% online and designed to minimise paperwork and the time it takes to get the money you need to move on. The first thing you need to do is complete your bond loan application using our secure online application system. Our smart system will give you a conditional decision in minutes. Then, our friendly team will call you to complete the assessment of your application.
Assuming your application is formally approved, we’ll transfer your cash straight away, usually overnight. The whole process often takes just 24-48 hours.
Moving home is often time sensitive, whether you’re buying a home or moving into a rental house, Fair Go Finance is here to help you to get extra cash to lessen the stress of moving in to your new house.
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