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Going to rent? Do you need a bond loan?

Applying for a Loan

There’s a lot to think about when you decide to spread your wings and move into a rental property. Often your main thoughts initially revolve around where to live, whether you can afford to pay the rent and how much furniture you will need.

Unfortunately, many prospective tenants overlook the very important requirement of securing the property with a housing (or tenant) bond until requested by the property agent.

In Australia, the bond is generally calculated by multiplying the weekly rent by 4. So using a weekly rent of $500 would mean a $2,000 bond PLUS usually two weeks in advance rent. If you don’t have this in the bank (and let’s face it – you probably would want to spend it on some furniture for the new place if you did) it only means one thing – you will need to apply for a bond loan. Fair Go Finance has designed one of their personal loan products exactly for this purpose.

The benefits of using Fair Go Finance for a bond loan: 

  1. The application process is exceptionally quick – generally with an instant indicative approval.

  2. The money is deposited into the account within 24 – 48 hours of formal approval.

  3. The structure of the loan allows you to pay it out without any penalty or early termination fees.

  4. By applying directly for your bond loan, rather than using a broker, you avoid the risk that the broker may shop your application around and possibly affect your credit rating due to multiple enquiries.

  5. We can often lend you extra to assist with moving costs etc.

  6. We can also assist people who have had bad credit or previous bankruptcy.

Here are some tips to help you get the rental property you want:

Be Prepared: Have all the Agent’s application forms already completed – they usually have these available online that you can download.

Be Proud and Present Well: If you have been a good tenant in the past bring all of your references and even a copy of your rental ledger to prove consistent and timely payment. Dress to impress – first impressions count.

Have Your Bond Loan Organised: If you haven’t got the cash, apply for a Fair Go Finance for a bond loan so you can have the money ready to transfer. 

How do you know Fair Go Finance is a reputable bond loan lender?

1. Check our memberships

We are members of several industry bodies such as: 

  • The National Credit Providers Association

  • Credit Ombudsman Service

  • The Mortgage and Finance Association of Australia

2. Check our social media presence. 

We are active in current social media forums such as:

  • Facebook

These mediums show current and real customer comments/testimonials that you can also gain trust from.

3. Check we are listed on ASIC

You can check that Fair Go Finance can be searched for on ASIC’s official government website ASIC stands for: Australian Securities and Investment Commission, who handle all the registrations of legitimate companies and businesses within Australia. So if you are in need of a bond loan to secure your rental property, apply with us and you will be moving before you know it!

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