Have your rental bond covered, with no monthly repayments. Fees apply.
If you’re moving to a new rental and are struggling to pay the bond, MyBond can help you. It will cover your bond for a fee of 1 week’s rent plus an administration fee, and no interest is charged during your lease period. You won’t have to make monthly repayments during your lease; instead, your rental bond will be transferred to MyBond when you move out. However, if you continue residing in the property once your lease has expired, you will be charged a monthly fee.
Term of loan
How does MyBond work?
MyBond is a service that helps tenants cover their rental bond. It doesn’t charge interest during the lease period, but a fee of 1 week’s rent applies. If you lose part of your bond when moving out, you will have to pay the difference. If you stay in the premises after the lease has expired, there is a renewal fee that applies which is 2.08% of the bond monthly. Private rentals are not supported. Your landlord has to be registered and lodging the rental bond with the rental bond board. Bond payments are issued at 11am and 3pm on business days, granted you’ve provided everything needed to process your application. MyBond is currently available in NSW, Victoria, Queensland and Western Australia, and it is in the process of expanding.
What features does MyBond offer?
- Rental bond cover. Instead of paying a month’s rent and your rental bond, you can pay the rent and the fee to MyBond. It will pay your bond for you. This can be useful if you don’t have the cash, or if you want to use it for something else. You can use MyBond for new and existing rentals.
- No interest. No interest is charged for this service. A renewal fee will apply if you stay in the property after the initial term of the lease has expired. In that case, a renewal fee of 2.08% of the total rental bond is charged monthly.
- No repayments. You won’t have to make monthly repayments to repay the loan. Instead, when you move out, your rental bond will be refunded to MyBond. If you stay after the lease period has expired, a monthly renewal fee applies.
- Buy back your bond. You have the option of buying back your bond if you wish.
- No credit checks. MyBond will not run a credit check on you, but you will be checked against the national tenancy database before approval. The company also has a proprietary decision engine that will estimate how risky you are.
- Urgent applications accepted. If your application is urgent, you will be charged an additional fee.
How much does MyBond cost?
- You will have to pay 1 week’s rent, or a minimum of $150 for this service.
- An administration fee of $20 plus GST is payable on the day you sign your agreement with MyBond.
- Your rental bond will be refunded to MyBond after you move out. This means that you will not receive your rental bond once you move out. You’ve effectively sold your rental bond to MyBond.
- Keep in mind that you will be charged an additional fee if you stay on your lease after it has expired. The renewal fee is 2.08% of the total rental bond and it will be charged monthly.
- You will be charged an additional fee if your application is urgent. For business hours, the fee is $50. Outside business hours, it is $100, while you will have to pay $150 during weekends and public holidays.
- If you cancel your application and ask for a refund, you will have to pay a cancellation fee of $50.
- If you lose part of your bond, you will have to pay the difference.
What are the pros and cons of MyBond?
- Rental bond covered. If you don’t have the money or if there’s a lag in receiving your bond from your previous rental, you can still pay the bond on time and snag your rental.
- No interest. Unlike a traditional loan, no interest is charged during the term of the lease.
- Won’t receive bond back. Your bond will be released to MyBond, not you. This means that you won’t get your bond back to pay for your next rental.
- Charges if you stay more than the term of the lease. If you decide to stay beyond the lease period, you will be charged a monthly fee.
How do I apply?
You can apply to MyBond through its website. You’ll have to provide your name, email address, mobile number, bond amount and postcode to begin with. Keep your details at hand to speed up the process.