Rental Bond Loans
Getting a Rental Bond Loan
Securing a decent apartment is every Australian dream. While it is a dream come true for some, many are still posed with the challenge of how to make it a reality. There are many ways this can work out, but one of the surest ways is through a rental bond. Rental bond loan programs offer great ways to make moving into your first home or a new apartment a reality. However, bordering questions like ‘How do you get your first rental property?’ ‘How much money do you really need?’ ‘What exactly do you need to do?’ ‘What processes are involved in getting this loan?’ and many more have become almost everyone’s discussion and can be a heck of worries. An insight into what these programs are will answer some of these questions and reduce anxiety.
Let’s get right into it…
What is a Rental Bond?
A rental bond is a deposit paid to the landlord (of a private apartment) at the beginning of a tenancy with the sole aim of serving as a surety. However, a full or partial refund of this payment is made when the property is vacated. There’s a full refund if there’s no money owed for rent, damages, and other costs.
A few things you need to know about a rental bond is that the bond serves as security. At the end of your tenancy, a condition report will be conducted, and costs for damages may be deducted from your bond. In this light, it is safe to do a condition report when you move into a new place. Take note of damages and issues. This will serve as protection when you vacate the property. Additionally, it is essential to pay rent regularly to avoid the event of being evicted and losing part of the bond.
Rental Bond Problems
Studies have, however, revealed that paying a rental bond is quite tricky as one might experience one of these problems:
Claiming your deposit back:
In some cases, the return of bonds from previous rents may be delayed beyond necessary. Sometimes, it may not even be paid back at all. (Tip: The state can always be contacted if a landlord fails to refund your bond money when you move out).
Falling behind with other debts:
Aside from your basic rent, your landlord may charge you costs for utilities. Usually, these may include fees for gas, water, electricity, internet, and TV. You pay these costs in advance, and it’s not very helpful for your finances.
Paying a rental bond can be very expensive especially when moving to a more developed area. It is more difficult when the state has little or no regulatory system to check exasperating rents. More so, when you remember the rental bond money can be used for other things in the moving process, the whole process becomes quite frustrating.
Clusters of expenditure and budget:
Moving to a new apartment and adjusting to a new lifestyle entirely comes with its cost. There are lots of substantial expenses associated with this move. You probably may want to change the painting or couch. As such, paying a bond in advance can be a stretch on financial budgets.
While the above-highlighted difficulties in getting a rental bond may pose some concerns.
What if I can’t afford to pay the rental bond straight away?
It can’t be neglected that rental bonds are expensive and they require you to pay for damages beforehand. However, some state governments and other non-governmental companies provide aids to facilitate payments of rental bonds and solve problems. This aid is the form of a loan.
The government can also help with a rental bond loan if you’re eligible. The rental bond loan is designed interest-free and fee-free for people who cannot afford to pay rental bond straight away. This loan covers the rental bond amount and has its peak amount at 4 weeks rent. If this loan meets your needs and you’re eligible, it is given interest-free. As a loan, it must be repaid.
Getting a rental bond loan is worrisome if you have a low credit score – lenders might not consider you with a reasonable rate because they see you as a riskier borrower. These problems affect most of us but how does it feel to know that there is a bright side to it? If peradventure, you’re not eligible for assistance from the government, you may need to consider borrowing money or seeking help from companies. Furthermore, you can seek advice from a financial advisor to help you get on the right path of reasonable budgeting. This will assist in solving other financial problems associated with moving into a new apartment.
What can you use for a Rental Bond Loan?
The pleasant news is your valuable assets can earn you up to thousands of dollars to take care of a rental bond. There are agencies and companies established to provide assistance to Australians who seek a cash rental bond loan.
There are instances of sudden eviction from an apartment and cases where one may be in dire need of a new apartment just to start a new life (as in the case of marriage). Also, a loanee’s eligibility status may make the whole process more tiring. The income limit a person must possess before being qualified for a state government bond loan ranges from $567- $1100, depending on the size of the family. To the average Australian, that is quite an amount. Obviously, not everyone will meet that demand. Hence, the loan isn’t accessible to everyone, where shelter is a basic necessity.
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