If you have applied and been approved for a rental property, you will need to pay a bond before moving in. The value of the bond varies, but could be around 2-4 weeks worth of rent. If you don't have enough cash to cover the cost of the bond, one option is to consider a loan.
If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the Financial Counsellors hotline on 1800 007 007. It is open from 9:30am to 4pm, Monday to Friday. When comparing short term loans, ensure you take into consideration any fees, charges and rates you may be charged. It's important to weigh up all your options before applying for any form of credit.
⚠️ Warning about Borrowing
Do you really need a loan today?*
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.
Nimble Short Term Loan
Go to site
50% discount on the establishment fee (now 10% of the loan amount) and monthly fee (now 2% of the loan amount)
Nimble offer a fast and easy online application. You can apply today to get approved for up to $2,000.
- Loan amount: $2,000
- Loan term: 62 days to 9 months
- Turnaround time: 1 hour - conditions apply
- Fees: 10% of loan amount + 2% of loan amount each month
- Quick and easy Approval
- Borrow up to $2,000
- 100% online application
- SMS payment reminders
Compare cash loans for rental bonds
Updated October 18th, 2019
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 – assuming there is 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:
- Personal loan. A limited number of lenders offer same-day personal loans if you need funds quickly. Interest rates on personal loans tend to be lower than some other forms of unsecured credit (such as credit cards or short term loans). Some personal loans also offer features such as repayment flexibility and redraw facilities.
- Short term loan. These loans are usually between $100 and $2,000 and are paid back within a short amount of time, which could range from 16 days to 12 months. Also known as payday loans, these options can offer more flexible terms for people with low income or bad credit history, as the focus is on your current financial circumstances. However, the rates and fees for these loans is typically higher than standard personal loans.
- 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. The Queensland government offers bond loans to people who meet a specific set of criteria, including 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 a bond loan scheme for people who meet a specific set of criteria. This includes having a share of the rent that is less than 55% of your gross weekly income and not owing 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 government. Generally, those on low incomes can apply.
- Western Australia. The WA Housing Authority provides bond assistance and two weeks rent in advance as an interest-free loan to eligible applicants.
- Australian Capital Territory. People in the ACT who 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 to 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.