Futurerent
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- Interest Rate (p.a.)
- 9.90%
- Min Loan Amount
- $10,000
Summary
Access your rental income in advance with no application or ongoing fees.With a high Finder Score of 8, futurerent stands out in our database for having no application or ongoing fees. It also offers a higher than average maximum borrowing amount.
Its main drawback is the 9.90% interest rate. This rate is in the top half of higher rates we compare which could make it a more expensive option for some borrowers.
Pros
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Your instalments pause during tenant vacancies and rent arrears
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You can use Futurerent across multiple properties
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No impact on your credit score
Cons
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For residential property investors only
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You must have a property manager
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You need to pay your yearly fixed cost throughout the entire term, even if you pay it off early.
Details
Product details
| Product Name | futurerent |
| Fixed Cost (p.a.) | 9.90% |
| Interest Rate Type | Fixed |
| Min Amount | $10,000 |
| Max. Amount | $100,000 |
| Loan Security | Secured or Unsecured |
How does futurerent compare?
- No application fee. Unlike many other loans on the market you won't be charged an upfront application fee.
- No ongoing fees. futurerent is a more competitive option as it doesn't charge any ongoing monthly fees.
- Penalty-free extra repayments. This product offers more flexibility than some competitors as it allows you to make extra repayments without a fee.
- High maximum borrowing amount. This product offers a higher borrowing limit than many of its peers.
- Higher than average interest rate. The minimum interest rate of 9.90% is in the top half of higher rates in our database making it a more expensive option.
How does Futurerent work?
Property investors can advance up to $100,000 of their rental income per investment property they own.- Receive up to 2 years of rent in advance, to maximise advance amount.
- Receive up to 1 year of rent in advance, to maximise monthly cash flow.
For both options, the money received can be used for any purpose, such as buying another property, renovating your own home or investment property, investing in a business, debt consolidation, increased cash flow or buying shares.
Your repayments to Futurerent depend on your repayment term and the amount advanced, plus a fixed fee of 9.90% p.a. of the advanced amount. For example, 1 year of rent in advance on a 3 year term would mean 1/3 of your rental income would be paid back to Futurerent each month, plus the 9.90% p.a. fixed cost.
Your property manager will pay your Futurerent payments and cost with the rent they collect each month. Payments can be paused during rental vacancies.
Eligibility criteria
To be eligible for this product you must:- Be at least 18 years or older
- Own a residential investment property in Australia and be listed as a title owner on the investment property
- Receive a minimum of $250 per week in rent (per investment property)
- Be looking to advance at least $10,000
- Have a property manager
- Not offer short stay leases
- Have good credit history
- Have no caveats or second mortgages on title
How to apply
Apply through Futurerent by filling out the application form. Futurerent will consult with you to ensure the monthly income covers your costs. Once your application is approved, you can expect funding within 2 business days. It's useful to have the following documents on hand:
- Personal identification - such as a drivers license or passport number
- Your contact details
Features of this product
- No impact on credit score. Futurerent does not act like a loan, so there is no impact on your credit score.
- Payment pauses. If your tenant can’t pay or they move out, and you need to pause your Futurerent repayments, they can be paused with no extra costs.
- Multiple properties. You can use Futurerent across more than one of your investment properties to maximise the amount of rental income you can access.
- Fixed costs. Futurerent charges 9.90% per year on the amount of rent advanced, which is added to the monthly repayments. Although the charge doesn’t go down as your advanced rent value goes down, you won’t be charged extra if you pause your repayments and they take longer.
- Quick online application. You can apply online and be approved within minutes.
- Early repayments. You can pay off the rent you’ve advanced earlier than the agreed-upon payment period, but you will still need to pay the total of the 9.90% fixed cost.
How much does Futurerent cost?
You will pay these fees
| Cost | Amount |
|---|---|
| Fixed cost | Fixed 9.90% p.a. |
Sources
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