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Rental Bond Loans

You’ve found the place, you can afford the rent, and now you just have to find the bond money.

Finding a place to rent can be difficult, but really only half the battle. Once you’ve found the place you need to think about moving costs and buying any new furniture or storage boxes. One of the most expensive considerations on this list, and is sometimes forgotten by new tenants, is finding the money for the rental bond.

Sunshine Short Term Offer

Sunshine Short Term Offer

  • Bad credit applicants considered
  • Fast approval service
  • Borrow up to $2,000
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100% confidential application

Sunshine Short Term Offer

A short term loan with a fast and easy application available to those with good or bad credit. You can apply today and get approved for up to $2,000.

  • Loan amount: $2,000
  • Loan term: 9-12 weeks
  • Turnaround time: 30 minutes (conditions apply)
  • Fees: 20% of borrowed amount + 4% of borrowed amount each month
  • Income requirement: 50%+ of income cannot be from Centrelink
  • Bad credit borrowers OK
  • Quick and easy Approval
  • No Credit Checks
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Compare cash loans for rental bonds

Updated July 18th, 2019
Name Product Maximum Loan Amount Term of Loan Turnaround time Costs Fortnightly Repayment (for $1500 Loan)
9-12 weeks
30 minutes - conditions apply
20% of loan amount + 4% of loan amount each month
A small loan up to $2,000 that you repay over 9-12 weeks. Loans approved and funded in as little as 30 minutes. Centrelink must not be your primary income
Up to 2 years
3 hours - conditions apply
Apply for up to $2,000 and be able to access your approved loan as a convenient line of credit.
62 days to 1 year
1 hour - conditions apply
20% of loan amount + 4% of loan amount each month
A loan up to $2,000 with terms up to 62 days to 1 year. Centrelink cannot be your primary source of income.
22 - 52 weeks
Same day - conditions apply
Up to 2K - 20% establishment fee + 4% monthly. Above 2K - $400 + from 8.7% to 48% APR
Borrow from $1,000 to $5,000 with same-day funding and no early repayment fees.
6-12 months
Same day - conditions apply
20% of loan amount establishment fee + 4% of loan amount monthly.
Credit24 offers this loan up to $2,000 and gives you 12 months to repay.
3-12 months
1 business day
Establishment fee from 10% of loan amount + monthly fee from 2%
A small loan between $500 and $2,000 that can be funded in 24 hours.

Compare up to 4 providers

What is a rental bond?

A rental bond acts as a security deposit for the property you are renting. This deposit is held for the entire time you rent the property and will be paid back to you when you move out should there be no damage to the property. If there is damage to the property, all or part of the deposit will be used to pay for the repairs. Rental bonds vary, but generally it will be between one and four weeks rent.

What are my financing options?

If you’re looking for help in paying your bond you have a few financing options available to you:

  • Credit card. If you have enough of a credit limit on your card then you may be able to use it to pay for your bond. Take note of whether you will be charged at the purchase or cash advance interest rate and calculate your repayments before you pay the bond. This may not be an option for all situations as some agents may not accept payments via credit card.
  • Personal loan. An unsecured personal loan may also be an option for you. Some lenders, such as Commonwealth Bank, offer same-day personal loans if you need the money quickly. Interest rates on personal loans tend to be lower than credit cards, and you may have access to more features such as repayment flexibility and redraw facilities. More Personal loan comparisons
  • Short-term loan. This is a small personal loan that is meant to cover you before your next payday. These loans are usually between $100 and $2,000 and are paid back within 16 days and one year, with the repayments usually lining up with your pay frequency. If you have bad credit and can’t access other forms of finance then you may want to consider a payday loan.
  • Government assistance loans. Some state governments offer rental bond loans for people on a lower income. These loans are offered without interest and are designed to help people access private housing. Find out more details in the section below.

Government assistance schemes to consider

  • Queensland. If you meet the criteria you can qualify for an interest-free loan from the Queensland Government. Criteria include being an Australian resident, not owning property and having less than $2,500 in cash or savings between all the applicants.
  • New South Wales. Those in New South Wales can apply for the Rentstart Bond Loan if they meet the eligibility criteria for social housing and a cash assets limit.
  • Victoria. The Victorian Government provides the bond loan scheme. You need to meet criteria such as your share of the rent being less than 55% of your gross weekly income and that you don't owe money on previous or current public housing tenancies.
  • Tasmania. While the Tasmanian Government doesn't have a scheme in place, rental bond assistance is available from AnglicareTas.
  • Northern Territory. You need to meet residency, age, income and asset tests to be eligible for an interest-free loan from the Northern Territory. Generally, those on low incomes can apply.
  • Western Australia. The Government of Western Australia Housing Authority provides bond assistance and two weeks rent in advance as an interest-free loan to eligible applicants.
  • Australian Capital Territory. Those in the ACT that have no available cash or convertible assets above $10,000 and can meet the income test may be eligible for a Rental Bond Loan from the Community Services Directorate. Keep in mind other criteria apply.
  • South Australia. If you need help paying your bond in South Australia you can consider PR Connect for a bond loan. Various eligibility criteria needs to be met, including that the rent isn't more than $450 a week.

How to compare rental bond cash loans

Before you take out any loan it’s important to compare your options to make sure you end up with the best option for you. Here are a few things to keep in mind when you’re comparing rental bond loans:

  • Fees. Before you apply you should take a look at all the fees associated with the rental bond loan. This should include fees that you will have to pay, such as loan establishment fees or annual fees, and fees that you may have to pay, such as a redraw fee or early repayment fee.
  • Interest rates. This is also something that can contribute significantly to the costs of the loan. As well as noting the rate you should check whether it is fixed or variable, and whether the rate is being offered as an introductory rate.
  • Repayment flexibility. Depending on the bond loan you choose you may be able to select weekly, fortnightly or monthly repayments. Some lenders may also offer you the option of making additional repayments.

What should you consider before applying for a rental bond loan?

When considering a personal loan you need to take into account your own financial situation and your ability to pay back the rental bond loan. While borrowing money for a bond may seem affordable, you also need to remember the increased costs that may come with moving house, and take this into account when deciding how affordable the repayments will be.

How to apply for a rental bond loan

If you’re interested in applying for a rental bond loan you can compare your options using the comparison table on this page. If you’re looking for other types of loans or credit cards, you can navigate to different products using the menu on the top of this page.

Once you have found a rental bond loan product you’d like to apply for, simply press "Go to Site" to be directed through to the lender’s website. From there you can fill out an online application form. Generally, you’ll need to be over the age of 18 and be receiving regular pay into your bank account.

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