Bond Loan VIC – Secure Rental In Victoria

Looking for a bond loan VIC? You’ve come to the right place. Monzi’s lender-finder can potentially match you with a credit provider, no matter where you are in Victoria. Before that, however, we’ll explore the Government bond schemes potentially available to you.

Monzi is a lender-finding service and we do not offer financial advice. Consider seeking independent legal, financial, taxation or other advice to check how the information and ideas presented on this website relate to your unique circumstances.

What is a bond loan VIC?

A bond loan VIC is simply a loan that covers personal expenses like the cost of a rental bond (up to 4 weeks’ worth of rent) available to Victorian residents.

Moreover, a bond is a security deposit you give to the landlord in case there are any damages to the property during your tenancy. If no damages occur, you are given the bond back in full.

Government bond loan VIC

You may be able to secure an interest-free bond loan from Housing Victoria if you’re renting privately. This money is subsequently held by the Residential Tenancies Bond Authority until your lease is over.

If your landlord keeps some of the bond to cover damages, keep in mind you will still need to repay the full value of the loan at the end of your tenancy.

The amount you’re able to borrow from Housing Victoria will depend on the actual size of the property. For example, the maximum amounts are:

  • 1 bedroom $1,650
  • 2 bedrooms $1,900
  • 3 bedrooms $2,100
  • 4 bedrooms $1,950.

To be eligible for bond assistance for low-income earners Victoria, you must meet certain criteria:

  • You must fall within the income and asset limits
  • Permanent Australian resident
  • You do not already own a property
  • Any past unpaid bond loans with disqualify you.

Head to housing.vic.gov to start an application.

Can Centrelink pay for my bond?

Centrelink may be able to pay for your bond if you apply for an advance of your benefits. In short, you may be able to get part of your income support payment or the Family Tax Benefit early.

To learn more, or to find out if you’re eligible, head to the Services Australia website.

Can Monzi find me a bond loan VIC?

Absolutely! No matter where you are in Victoria, we can try to match you with a lender ASAP. In short, whether you’re moving to an apartment in the middle of Carlton, or onto a sprawling property outside of Wodonga, Monzi’s got you covered.

The lenders within our network may, specifically, be able to offer the following personal loans:

LoanAmountTermSecurity required?
Small personal loan$300 to $2,000Up to 12 monthsNo
Medium bond loan VIC$2,100 to $4,60013 to 24 monthsYes
Large personal loan$5,000 to $10,00013 to 24 monthsYes

Repayment terms may vary to what is presented above, depending on the lender.

Is it possible to get a bond loan Victoria with bad credit?

Yes, absolutely! Monzi specifically works with lenders willing to consider applicants with multiple bad credit listings on their report.

While traditional lenders may focus on your past mistakes, Monzi works with alternative lenders that may do this a little different. In other words, these lenders will aim to focus on your current relationship with money and what you’re doing well.

In short, when you apply with us, we access read-only copies of your bank statements. Lenders then, as a result, use this information during the assessment process. In particular, lenders use your statements to get an idea of your:

  • income
  • expenses
  • spending and saving habits
  • repayment history with other lenders.

How do I apply for a bond loan VIC through Monzi?

All submissions to Monzi’s lender-finder service take place online. First, however, you must make sure you are eligible. Our eligibility criteria are as follows:

  • All applicants must be at least 18 years old;
  • hold an Australian Citizenship or Permanent Residency;
  • have online banking active with 3 months of history; and
  • have a contact number and email address.

Meet everything listed above? Great! Here’s how you apply:

  1. Head to the loan slider at the top of the page and select your ideal loan amount
  2. Complete the submission form with your information
  3. Wait while we try to match you with a lender
  4. If we’re successful, lenders will assess your application and get in contact with an offer if you’re approved.

Bond loan VIC sunset over Melbourne city

Can I apply for a bond loan VIC no credit check?

You cannot apply directly for a loan with no credit assessment through Monzi. While you technically may be offered one, there is, unfortunately, no way to explicitly apply for these loans.

This is because performing a credit check is at the discretion of the individual lenders in our network. Moreover, we cannot guarantee which lender you may be paired with.

Ultimately, you may want to consider alternatives to Monzi if avoiding a credit check is non-negotiable.

Is it possible to get my cash the same day?

Same day access to your loan is possible. Specifically, if you approve your contract within your lender’s normal operating hours, you should see cash in your account on the same day.

On the other hand, if you approve your contract outside of your lender’s normal hours, you will likely only have access to your funds the next business day.

Keep in mind, no funds are processed over the weekend or public holidays.

Can I get an unsecured bond loan?

You may be able to get a loan without collateral if you apply for a bond loan of $2,000 or less. After all, any loan valued $2,000 or less will automatically be unsecured. Therefore, you do not need an asset to put up as security.

Alternatively, if you apply for an amount over $2,000, you will usually need to attach an asset as security. Specifically, lenders are often able to consider vehicles registered in your name, like a car, caravan, motorbike or boat.

What else can I use personal loans for?

Personal loans are incredibly versatile and can be used to cover so much more than just your bond. In fact, you could use your personal loan to cover any part of the renting process, including:

  • removalists
  • truck hire
  • cleaning supplies
  • food.

Ultimately, your personal loan can cover almost any personal expense.

Ready to apply for a bond loan VIC?

Ready to get started? Scroll up and begin!

Access more Monzi on Facebook, Instagram, Twitter and Pinterest.

Factor In

Costs

Two credit cards
Two credit cards

You won't use a penny to apply for our lender-finding service, but here's some costs you could expect from a lender

Loan amount

$300 - $2,000

Terms

12 months

Costs

20% upfront establishment fee

+ 4% monthly fee

Example

Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR) %. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate

Loan amount

$2,001 - $4,600

Terms

13 months

24 months

Costs

48% annual percantage rate

67.41% comparison rate p.a.

Example

Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principle Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.

The Interest Rate for Secured Medium Loans is 48%. The Typical Comparison Rate is 67.41% p.a. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.

Loan amount

$5,000 - $10,000

Terms

13 months

24 months

Costs

21.24% annual percantage rate

48% comparison rate p.a.

Example

Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principle Amount) + $5,577.12 (Interest) = $15,577.12 total repayable over 24 months with weekly installments of $149.78.

The Interest Rate for Secured Large Amount Loans is 48%. Maximum Comparison Rate is 48% p.a. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.