You can’t beat the easy bond pay feeling. However, paying your bond is just one step in the rental process. Monzi discusses renting.
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What is easy bond pay?
Bond pay is the concept of making your bond payment as simple as possible. However, there is a company by the same name that provides bond loans. This article will be focusing on how you can improve your bond payment, alongside everything you need to know about rentals.
The property market is soaring in Australia, and rental properties in certain capital cities are becoming a rarity. If you can secure a rental for you and your family, you’ll want to get the formalities sorted quickly. If you haven’t already got savings rallied for your bond, there are bond loans available. However, Monzi intends to walk you through all the alternative options so that you can make the best, most informed decision possible. Learn more about buy now pay later no credit check australia here.
What is a bond loan?
A bond loan will help you get quick cash to cover the cost of your bond payment. For bond pay, you can either obtain one of these loans from a company that only offers bond loans. Or, you have the alternative option of taking a smaller loan, such as a personal loan, to put towards the payment of your bond.
If you would like to know more about personal loans, this is where Monzi may be able to help you out. With our lender-finder, we might be able to find you a lender in as little as 60 minutes. If we are successful, you could receive approval for same day cash loans to put towards your bond pay. This way, you can have quick cash to get your bond paid and continue with your move – because you don’t need any extra hassle.
Bond pay loans
bond pay loans can be helpful in some circumstances. Typically, as the bond payment is usually around four weeks worth of rent, not everyone wants to pay this sum directly out of pocket. For this reason, some renters may elect to take a loan so they can, in a sense, buy now pay later. Whilst interest rates will accompany any bond loan you choose to take, one of these loans may allow you to avoid putting a dent in your savings.
This isn’t your only option. There are several rental grants available, including rental assistance options through Centrelink. Meaning if you are struggling to get yourself established in a rental, there is help. The government’s MoneySmart site also has a helpful page on rental bonds and leases if you are looking to conduct further research.
Bond pay for private rentals
Have you heard about private rentals? You may be able to cut out the middle man with a rental of this description. Essentially, a private rental is a rental property managed without a property manager or residential real estate agent. This means that you would be dealing directly with the property owner rather than operating through intermediaries. Private rentals often gain popularity with first-time renters who don’t have a rental history and are looking to move in quickly.
Not all private landlords are dodgy or trying to get around real estate rules, so don’t be intimidated by these things. It may be even easier to obtain bond pay with this kind of landlord. This is because all your communication is direct. Meaning if you intend to take a bond loan, you can keep your potential landlord informed quickly so they know you are interested in moving ahead with the process.
Bond pay interest
If you take any sort of loan from almost any provider to cover your bond pay, your lender will likely charge interest. Some providers may have the capacity not to charge you interest. However, interest helps lenders make a profit and is attached to almost every loan that you will ever take.
Monzi cannot say what the rate will be on bond loans as it varies by provider. We also cannot accurately tell you what kind of interest the lenders in our network may charge you. However, we try our best to give you an idea of what your loan may look like, based on its size, on our homepage. Whether you are after small cash loans or large personal loans, Monzi is here to try and help you out.
Bond pay: Bond loan calculator
If you are looking to work out exactly what your bond loan may get you, you could utilise a bond loan calculator. These calculators work towards bond pay. They help show you almost exactly what you might be able to put towards a bond. The state governments typically offer these kinds of calculators. They may help you calculate both the maximum bond loan you can borrow and the maximum weekly rent you can afford.
To do this, you will need to state how many people intend to sign the lease. You may need to say whether you or any other tenants signing with you have any dependants. Finally, you may need to enter your total gross weekly income for your household and click ‘calculate’. The calculator will present you with a maximum bond loan based on your gross weekly income and maximum weekly rent. If you do this through a government-run tool, you may then have the option to see which rental grants you might be eligible for.
Bond loan vs rental payment loan
A rental payment loan isn’t something that is explicitly on the market. Instead, it is a loan, such as payday loans online or a personal loan, that you use to pay that week’s or month’s rent. A bond loan, on the other hand, is for bond pay. It is a loan specifically designed, in most cases, for paying your rental bond only. Ensure you explore all the additional options available to you before taking a loan for either of these reasons. If you are struggling to pay your rent, reach out to your landlord or property manager to see if they can put a payment plan in place.
Bond pay and Monzi
Monzi is here and ready to help with your bond pay. We don’t offer explicit bond loans. However, you may be able to use one of our personal loans to get the job done. Personal loans have a plethora of uses. Whether they are for helping with your bond, or other aspects of moving. For example, as relocation loans, or home improvement loans, you can enjoy the flexibility.
If you think you have a project you would like to tick off your list, why not see how one of the lenders in the Monzi network can help you. Our application process is 100% online and paperwork free, making it easy for you to get the help you need. So, what are you waiting for? You can apply now by scrolling up to our loan slider, or if you have questions, you can email our friendly team at [email protected].