It’s hard enough to find a place to live but even that is just half of what you need to do. After finding the right place you also need to consider the cost of moving all your stuff, purchasing new furniture, and renting out a storage box. There is also a big cost that many people forget and that is the rental bond.
Before we continue we have a quick warning about borrowing. You need to ask yourself if you really need a loan today. Borrowing a small amount of money can be expensive and it may not solve the money problems you’re currently facing. Please check the options you have before deciding on taking out a loan.
If you would like more information about alternatives to borrowing and ways you can manage your bills and debts then please call 1800 007 007 to get free independent financial advice. If you’re having trouble paying your utility bill then talk with your suppliers for electricity, gas, water or phone company to see if you can arrange a deal. If you are on government benefits and you need money fast you can phone 13 17 94 to see if you can have your Centrelink payment sent early. If you’re unsure then head to the MoneySmart website provided by the government to find out more information about small loans and alternatives to them that could be a lot of help.
The rental bond is essentially the security deposit for your new property. The deposit is held on to by your landlord for as long as you rent out the property. When you move out you get the money back if you leave the property in the condition you found it. If you’ve damaged the property in some way then the deposit is used to cover the costs of any repairs. If there’s any money left over then you can get that returned to you. The amount of money you pay with a rental bond is different for each landlord but it is usually between one week and four weeks worth of rent.
If you need some help to pay for your rental bond then there are some financing options you can make use of. They include:
If you’ve got enough money left in your credit card then it can be used to pay for your rental bond. Consider that you may be charged the interest rate on the card so you should work out how much you’ll have to repay before using your card in this manner. Even if you have a credit card you might be unable to pay using this method because not every agent accepts credit card payments. They may also just not accept your particular credit card.
Taking out an unsecured personal loan is another option open to you. There are lenders, such as Commonwealth Bank, that offer you the chance to take out a same-day personal loan to get your hands on money quickly. The interest rate you’ll be paying for your personal loan is usually lower than what you would pay with your credit card. There may also be options open to you such as more flexible repayment options and even a redraw facility. Redrawing is when you are able to borrow back the money you’ve already used to pay off your loan.
A payday loan is basically a small personal loan that gives you money you need before you get it at payday. A payday loan is typically for an amount between $100 and $2000 and they come with loan terms of between 16 days and one year. The repayments are usually in line with when you actually do get paid. If you’ve found yourself with a bad credit rating and are unable to use more traditional financing options then a payday loan may be the right choice, if not the only choice, for you.
If you’ve got a bank account then you may find that you can set up a line of credit with your bank. This is basically a personal loan where you are given a set amount of money that you can borrow a partial amount of, or the full amount, and then repay it like you would a usual loan.
If you’re on a low income then you may be able to set up a rental bond loan with the state government. This is a loan that comes without interest. It’s a scheme that helps get people private housing when they may not have the money to do it without help. Queensland is one area where people on a low income can receive a Bond Loan from the government providing they meet the asset and income criteria. One option for people living in the New South Wales area is the Rentstart Bond Loan.
You should always assess your options before taking out a loan of any kind and this includes a rental bond loan. You need to get the right loan for you after all. Here are some of the things you need to look at when comparing different rental bond options.
Before taking out any kind of loan you should consider what your personal financial situation currently looks like. Do you think you can reasonably afford to repay the loan? The loan might look affordable but there are other costs when it comes to moving house. Take these costs into account when coming up with a budget to repay the rental bond loan so you know if you can really afford to repay it or not.
If you’d like to apply for a rental bond loan then compare your options to find the right loan for you. If you want to get a different kind of loan then take a look around the website until you find the right product for you.
When you’ve found the loan that is right for you just click on the handy “go to site” button to be taken to the online application form at the website of your chosen lender. Just fill out the form using the right details and all that’s left is to wait for approval. Please note that in order to apply for a loan you will need to be 18 years old, have a regular income, and be a permanent resident or citizen of Australia.