At Monzi we recognize that sometimes you need a helping hand to get to your all-important next step. Our online lender-finder service puts you in touch with a lender who can help. From payday loans, to travel loans, and bond loans, we may be able to assist with easing your financial pressure.
What is a bond loan?
Nope, it’s not any 007 business. A bond loan is a loan that may need to be taken out when moving house to pay for the rental and other moving-related costs.
We understand how expensive moving house can be. One month rent upfront, a rental bond, plus a removal van and you’re looking at thousands of dollars. It’s not always easy to have that amount of money stashed away, especially if the move is unexpected or at short notice.
Sometimes you need a helping hand to get you through the most challenging times. Luckily, that’s what Monzi are here for! We put you in touch with the right lender to get you the loan you need, from $300 to $10,000. Let us help get your dream home and a smile on your face.
Some of the ways a bond loan can help include:
Securing a home
Most of the time, to secure a property and take it off the rental market, you will need to pay a full month’s rental bond, or deposit. If you are renting through an agency, there may also be additional agency and administration fees to pay. A bond loan to cover this, easing the pressure to find an extra month’s rent money.
The way the rental market works means that you usually have to pay for the month up front. Finding this can sometimes be a challenge alongside all of the other costs of moving home.
The costs of moving house can quite quickly mount up – removal vans, temporary accommodation, time off work, setting up new bills etc. You can ease the pressure by applying for a loan to assist with some of the unexpected expenses.
Cut out the hassle by using Monzi
If you need a bond loan to secure a property, chances are you don’t have a lot of time to lose. Looking for a lender independently could take hours of online searching, and potentially days of waiting for a response. By the time you’ve secured a loan, your perfect property might have been rented to someone else.
Apply for free to hundreds of lenders at once!
By filling out Monzi’s free online application form, we are able to look what loan suit your circumstance from hundreds of lenders, giving you the best chance of getting the loan you need with the rates you want.
Get an answer straight away
No need to wait at the end of a keyboard, or phone for an answer, our automated system will tell you within seconds. If you’re matched with a lender may then contact you to go over the arrangement in more detail.
You are under no obligation to say yes to a lender at any point until you’ve signed a contract. If you don’t like the terms that the lender is offering, or your circumstances change, then just say – no thanks!- simple as that.
Feel safe with us
It can be difficult to know who to trust when looking for loans online. How do you know if they’re legitimate? How do you know who is going to give you reasonable terms? With Monzi, you don’t have to worry. We only work with reputable and 100% legally complaint lenders. Our lenders offer some of the best rates in the industry, and because your application is put in front of a panel, you have the best chance of getting the most favourable terms.
Your data stays in our hands
We are very concerned with data security, which is why we are partnered with security leaders McAfee and Comodo to make sure that your data is secure. Your data will only be shared with lenders regarding your specific loan application.
How do I get a bond loan through Monzi?
Step 1: Apply!
With our easy-to-use, online loan application form applying for a loan shouldn’t take you more than a few minutes! No need to fill out any time-consuming paperwork, all you need are your bank account details, MyGov info and personal contact details.
Step 2: We find you a lender
Our smart automated system then does the work for you. Monzi searches through hundreds of lenders to find one that can offer you the loan you need at the rates you want. We’ll do our best to match you with a lender within 60 minutes of applying (within business hours). Once we’ve matched you, the lender will then contact you to go over your loan in more detail.
Step 3: Say hello to your loan
If we find you a lender, you’re happy with the loan they’ve offered and you’ve provided all the information required by the lender, all that’s left to do is sign the loan contract. Once the contract is signed, your loan will be on it’s way to your bank account.
Who can apply for rental bond loans?
Unlike government bond loan schemes, we are inclusive when it comes to our application process. All you need to apply for a rental loan is:
- Have an internet banking account;
- To be 18 years old or over;
- Have an income for at least the past 3 months in a personal account;
- To be able to provide a bank statement to prove income.
Can I apply if I receive a Centrelink payment?
Yes! We are happy to work with lenders that offer bond loans for Centrelink customers. To apply you will just need to provide us with your MyGov info, bank account details and personal information.
Can I apply for a bond loan if I have a bad credit history?
We believe that everyone deserves a second chances, which is why we work with lenders who won’t turn you away just because you have bad credit. Some of our lenders will not require a credit check to agree to a loan, but you will still need to provide proof of income for a minimum of 3 months.
How do repayments work?
The way that you arrange your repayments is subject to your individual lender. With the majority of lenders, you will set up a direct debit with your bank account, so your repayments will come out automatically on a designated date every week, fortnight or month. If your circumstances change and you need to change your repayment schedule or amount, just contact your lender and they will work something out with you. Most changes to repayment need a minimum of 24 hours notice.
How much will a bond loan cost?
The total cost of your loan will depend on how much you borrow, and how long you need to pay it back. Terms will vary from lender to lender, but you can see the approximate amount that you will pay below:
- E.g $300 to $2,000
- Repayment term: 12 months
- Cost: If you borrowed $1,000 over the course of 6 months, you would pay back $1,440
- 20% upfront establishment fee + 4% monthly fee
- E.g $2,001 – $4,600
- Repayment term: 13-24 months
- Cost: If you borrowed $3,000 over 18 months repayable weekly, you would pay back
- $4,779.06 48% annual percantage rate 67.41% comparison rate p.a.
- E.g $5,000 – $10,000
- Repayment term: 13-24 months
- Cost: If you borrowed $10,000 over 24 months repayable weekly you would pay back
- $15,577 21.24% annual percantage rate 48% comparison rate p.a.
To get an idea of what your repayment amount would be for the amount you want to borrow, you can check out our online loan calculator.
WARNING: comparison rates only true 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.
Some loan types may have other payable fees and charges. If you have missed a repayment on your loan, there may be additional fees that apply. To find out more about fees and charges for loans, feel free to give our customer service team a call or pop an email in. We’re happy to answer any questions you may have.
Can we help people searching for bad credit loans?
Yes, we certainly can! If you have bad credit and you’re looking for quick cash loans, then you may have been knocked back by traditional lenders. Big banks can say no to bad credit, but we can find a lender that can say ‘yes’! That’s what we do. How you may ask? We find lenders that can look at more than just your credit score. They can also look at your current relationship with money, including your income and expenses. No high-fees and tiny loan terms – just a different approach to bad credit.
Do we help Aussies on Centrelink?
Yes, we sure do! If you’re receiving Centrelink and you’re looking for a personal loan you may get knocked by big banks. That’s when you can apply with Monzi. We find lenders that can look at your application and see the big picture. They can consider Centrelink payments as a regular income as long as you’ve been receiving them for at least 3 months. So, if you’re on Centrelink and looking for a loan, then we may be able to find the right lender that can offer loans for people on Centrelink.
We are proud to connect real Aussies with Aussies lenders. Whether you need a bond loan in QLD, or a bond loan in NSW, we are here to help.
Not convinced? Just ask Hannah from Queensland:
“The Monzi application looks simple and easy. I love that my information would be secure if I applied. I found the information I needed to apply for a loan without delay.”
Apply today to find out what size loan you could get, or check out our FAQ if you have more questions.