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!
At Spotter, we make it easy to apply and get approved for a bond loan, so give us a call today!
If you’re moving in to a rental property, you’ll usually need to pay a bond.
A rental bond is a sum of money that you pay to the Residential Tenancies Bond Authority (RTBA). Each state has an RTBA. Their role is to hold the bond on behalf of you (the renter), and the landlord.
The bond acts like insurance for the landlord. If at the end of your tenancy, you move out and have left the property in poor condition (unclean, damaged etc.) the landlord can apply to the RTBA for part of your rental bond to pay for cleaning, repair etc.
The landlord can also use it to claim unpaid rent.
A rental bond is usually an amount equal to 4 weeks rent.
In addition to the bond you will normally need to pay 4 weeks rent in advance to the landlord.
Spotter can provide you with a loan of between $500 and $5,000 for your bond loan.
That’s enough to cover a rental property of up to $1,250 per week (4 weeks x $1,250 = $5,000).
How long do I have to repay a bond loan?
Typically, between 3 months and 12 months.
Applying is simple. Just get in touch with us today and we’ll walk you through the application process. We need some basic information and documentation from you.
We’ll aim to have your loan approved within 1 hour of you returning the documentation to us, and to have the money in your account 24 hours after that.
Generally, you’ll need to provide us with:
- Bank statements
- Copies of bills or other contracts
Today many Australians are choosing to rent rather than buy. As property prices continue to climb, renting may enable you to live in the area you like, not just the area you can afford.
Rental payments are often lower than mortgage repayments, and by renting you can move around to different areas and experience living in new places, without committing to a mortgage.
A bond loan can help you get established in the rental property you love and give you time to repay the loan while you’re living in the property.
A bond loan may also help you rent a better property because you’re able to afford a higher bond.
Competition for good rental properties is intense.
Don’t miss out on your dream property because you couldn’t get the rental bond together. Apply today so you’ve got money for your rental bond and you can start getting ready for your move!
Here’s what a loan might look like
Here’s what a small loan might look like…
You’re after a loan for $1,000 for medical or dental bills. Your are looking to repay the loan back after 6 months and are happy to make fortnightly payments.
In the above example You’ll pay:
- Loan Amount Financed: $1,000
- Establishment Fee: $200 (set by NCCP at 20% of the loan amount)
- Monthly Permitted Fee: $40 per month charged on the anniversary of the loan
- Amount of Credit of the Loan: $1,240
- Total Amount of Interest Payable: NIL
- Direct Debit Fees: $25.74 ($0.99 per transaction)
- Total amount of repayments: $1,440.00
- Nominal Percentage Rate (Interest) per annum: 0% as defined by NCCP
Comparison Rate: 160.0571% as defined by NCCP
Here’s what a medium loan might look like…
You’re after a loan for car repairs for $2,500 and are looking to make payments back on a weekly basis over 2 years.
In the above example You’ll pay:
- Loan Amount Financed: $2,500
- Establishment fee: $400 (Set by NCCP)
- Amount of Credit of the Loan: $2,900
- Total Amount of Interest Payable: $1,590.86
- Repayments: 103 x $43.19 + $42.31 (a final payment)
- Total amount of repayments: $4,490.88
- Nominal Percentage Rate (Interest) per annum: 48% as defined by NCCP
Comparison Rate: 65.5138% as defined by NCCP
For loans under $2000 the minimum repayment term 90 days, maximum repayment term 12 months.