So, you’ve found a great rental property, been approved and now you have to pay the rental bond. Don’t have the cash you need? Don’t worry!

You’re just a call away from your rental bond loan that will provide you with the cash that you’re lacking.

What are rental bond loans?

“Money is no more a roadblock with bond loans.”

A rental bond loan is a sum of money that you pay to the Rental Tenancies Bond Authority. Each state has an RTBA. Their purpose is to hold the bond on behalf of your and the property owner.

In basic terms, a bond is insurance to the landlord that he will get his money. And in cases where the renters damage the property, the house owner can ask for a part of the bond to get paid for the damages.

Key features of rental bond loan:

1. Landlords can ask for the unpaid rent as well.
2. You can pay back the loan in installments.
3. A rental bond loan is usually an amount equal to 4 weeks rent.
4. A bond loan can help you get established in the rental property you desire and bestow you the liberty to repay it while staying in that property.
5. You can rent the house of your dreams even if your pocket doesn’t allow you to do so.

Are our rental bond loans popular?

“Rental bond loans”, sounds like complications and delays, right? Wrong!

Getting a bond loan is now as easy as spending it. Today many Australians are opting to rent rather than buy owing to the fact that property prices are hiking with the speed of a rocket.

Renting made it possible for the people of Australia to live in a house that they like instead of managing in a house that they can afford.

Rental payments are usually lower than mortgage payments, and why stick to one place when you have the liberty to enjoy a new area every now and then. For all the wanderlust souls, rental bond loans are blessings from heaven.

What is the eligibility criteria to get your bond loan application approved?

To be eligible for a Rental Grant, you must both:

1. Meet all the conditions for a Bond Loan.
2. Not have received a Rental Grant before.

Other factors are as follows:

1. 18 years or over.
2. Able to provide a driver’s license or passport for verification.
3. Employed on a casual, part-time or full-time basis.
4. Earning over $500 per week.
5. Not in default under any other credit contract or loan provider
6. Living in Australia (citizen, permanent resident, on a working visa or sponsorship visa).
7. Approved by a real estate agent or verified 3rd party property management platform with an agreed rental contract.

Under certain reasons, the loan gets approved automatically:

1. You’ve exited support from a child protection service within the last 3 months where you were a resident for at least 28 days or are still in care.
2. You are at present experiencing domestic, family, or sexual violence.
3. You are homeless or on the verge of becoming one.

These are the broad social benefits under the umbrella of rental bond loans.

How to apply for a rental bond loan?

Applying is a simple and hustle-free process. Just get in touch with a rental bond loan providing company and let them help you sail through the application process. They just need some basic information and documentation from you.

Documents required such as,

1. Bank statements
2. Payslips
3. Copies of bills or other contracts

What to look for in a rental bond loan provider?

There are certain criteria that a bond loan provider must stand on in order to make you believe that they are the one for you. This brings us to the million-dollar question of what to look for in a bond loan provider company.

Let’s have a deep insight into this so as to help you in knocking the door of a reliable company.

1. The company need to respect your time

An organization needs to ensure that they stay true to their mentioned time and prevent any delays in the process. They must bestow their clients the liberty to apply online as the online application process is completely secure and only takes a few minutes to complete.

In today’s fast-paced life, no one appreciates a time-consuming process.

2. Must practice on-time payments

Once the application gets its approval, the payment must be done within 24 hours and if this is something that the company lacks, walk in the opposite direction.

Your bond will be paid in full within a span of a day. Keeping clients waiting is not a trait of an ideal organization.

3. Must offer a flexible payment system

It is important for the loan provider to bestow their clients a re-payment method that fits their requirements. They must align your repayments to match your pay cycle.

Looking for clients’ convenience is extremely crucial. This is in fact the foremost thing to keep in mind.

4. Offers an interest rate that fits your pocket

The interest rate offered by the company is the most crucial deciding factor. It helps a client to decide whether the company is apt for them or not. If their schemes and packages don’t sound affordable, then dump them and move on.

Going beyond your reach and making it an expensive affair for you is not a wise move.

5. Reviews and word-of-mouth matters

Before finalizing a bond loan provider, do check its reviews online and try to talk to their past clients and a positive word-of-mouth will give you assurance that your money is in safe hands and you will not regret your decision in the future.

Conclusion

There is a preconceived notion that rental bond loans can be a complex territory to be in. Though the truth is the opposite. These bonds ensure that your dream of living in a posh area comes true.

It gives you the freedom to live a life that you desire rather than adjusting to the one that you can afford.