Moving house comes with all sorts of costs that you may not always expect to hit hard. One of those is rental bonds. This expense can cost anywhere between a couple of hundred dollars to a couple of thousand!
Unsurprisingly, this deposit can also cause a lot of confusion. You pay the rental bond before you move in, and it is usually made up a month's rent for the deposit, and two weeks in advance.
Your landlord must lodge this with the Residential Tenancies Authority (RTA). ) If you breach your lease (contract), your landlord can claim this money in compensation (whether you move out before your lease is up or you cause damage to the property).
However if all goes well, you should be eligible for a full rental bond refund.
If you can't afford to pay your rental bond by the time comes to pay it, there are a few options that you can use. If you're lucky enough to have a nice landlord, then you may be able to pay your rental bond in instalments ' kind of like getting a payday loan.
But if not, you can get a bit of a leg up from your state's Department of Housing with a rental bond loan. This is a short term loan that is completely interest free, however you must meet a few criteria in order to be eligible (which can be found on your state's Department of Housing website).
How do I apply for a rental bond loan?
Applying for a rental bond loan is simple. Each house member has to just fill in the relevant forms which are all stated an available for download from the Department of Housing's website.
Along with these forms, you need to provide two different forms of ID. Once this has been done, you will have an interview with the Department of Housing, which all tenants must attend.
If you are approved for your rental bond loan, all you need to do is get your landlord to send the Bond Lodgement form to the Department of Housing who will take care of it for you.
If you are successful in your application, your landlord will send the Bond Lodgement form the Residential Tenancies Authority, who will then notify the Department of Housing, who will then pay your bond for you.
Both you and your landlord will get a receipt once it has been paid. Make sure you keep this in a safe place as it is you proof of payment, and you will need it whenever you talk to the RTA about your bond.
If you don't qualify for a rental bond loan from the Department of Housing, it may be worth your while looking into a payday cash advance. This is a short term personal loan that allows you to get fast money when you need it. It's basically a 'cash til payday loan'.
Any way you look at it, ruling out a property because you can't find the immediate cash for the bond needn't be a problem. Look into other options and if all else fails use your lifeline option and borrow a bit of cash from a friend!
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