While moving to a new place can be exhausting, it is exciting nonetheless. But before you can move to your new apartment, townhouse or house you need to pay the security bond required by the landlord or their agent. Then there is also the matter of two weeks rent in advance. You can cover the ongoing rent from your income, but that bond and rent in advance may be a little hard to cover – especially if you’ve got other moving expenses to pay for. Sure, you might have bond coming back to you from your last residence, but what if you don’t get it all back? Or, what if it takes longer to get paid to you than you’re expecting?
Fortunately, some lenders in Australia recognise the financial burden entailed by moving to a new home. Apart from the tedious packing and unpacking of personal items for transfer to the new place, the most difficult part is being able to produce the amount needed for the security bond. To cater to this financial need, lenders offer a financial facility that will help you obtain the money you need for the security deposit for the new home you want to rent. Such facility is known as bond loan.
Bond loan is a form of personal loan which can be used to pay for the rental bond, the two weeks rent in advance and all the other things you need to relocate. It is the fastest way to obtain a small personal loan for a rental bond for your new abode. The loan amounts can range from $500 to $5000 depending on the expense you have for the new address you are planning to relocate to.
Make sure you calculate all your expenses before diving in to a rental agreement. Calculate your bond (four weeks rent) and rent in advance (two weeks). Will you pay for a removalist or hire a truck? What repairs do you have to make to the place you are leaving? How about carpet cleaning, or general cleaning for that matter? Then there’s the little things we mostly forget, like any fees to transfer the phone or the electricity. When you apply for a loan, you can include the cost of relocation in the loan amount so you don’t have to shell out additional funds from your pocket.
Rental bond loan processing is simple, fast and straightforward. You may determine the amount you want to borrow and a workable repayment period which you deem will not drain your budget. Some non-bank lenders can approve this kind of loan within 24 hours of receiving the complete application documents. The loans are transferred to the applicant’s account automatically upon approval. It can even be possible to get a bond before signing a new lease, so there’s no delay with an agent breathing down your neck.
Many bonds have early repayment fees if the loan amount is repaid earlier than the prescribed loan period. Most lenders consider applications even from those with bad credit loans history, or those who are discharged bankrupts. Non-bank lenders are more accommodating than the banks in terms of granting loan approval.
In need of a bond loan? We can assist you with your personal loans needs, enquire now and we’ll get back to you immediately.