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
This is a short term loan offer with a fast and easy online application for bad credit borrowers who are employed. You can apply today to get approved for up to $2,000.
- Loan Amount: $2,000
- Loan Term: 9 weeks
- Turnaround Time: 30 Minutes - conditions apply
- Total Cost of Borrowing $100: 20% of borrowed amount + 4% of borrowed amount each month
- Bad credit borrowers OK
- Quick and easy Approval
- No Credit Checks - Must be employed
Compare cash loans for rental bonds
Warning about Borrowing
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
- For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
- Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
- If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94
The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
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 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 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 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
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 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.