If you have ever called a rental ‘home’, you will know how good it is to have easy bond pay. All renters should be knowledgeable about bonds, and how to make the rental process easier.
Bonds don’t just apply to homes; you can find them attached to all sorts of rentable possessions. However, it is most likely that the majority of people will encounter a bond with their rental property. So, what is there to know about bonds? Can you take cash loans to cover them? What if you have bad credit – are there no credit check loans available to you? Don’t stress. Monzi’s got you covered; let’s talk everything rentals and easy bond pay.
Please note that specific ideas and products presented in this article may not be on offer by Monzi or the lenders we work with. This article presents only general information. Consider seeking professional financial, taxation, legal or other advice to check how the information and ideas presented on this website relate to your unique circumstances.
What is easy bond pay?
Easy 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.
What is a bond loan?
A bond loan will help you get quick cash to cover the cost of your bond payment. For easy 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 easy 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.
Why do you need a bond?
A rental bond is just like paying a deposit for a mortgage loan or submitting security for car loans. You pay your bond at the beginning of the rental process. For the sake of this article, unless otherwise stated, the rental in question will be a property. Complete your tenancy and leave the home in the same condition as when you moved in, or better. This way you should get your bond returned to you in full.
If, however, you leave your tenancy with damages, or you owe a missed rent payment, your landlord can retain your bond to cover these costs. Essentially, a bond protects your landlord if they allow you to live on their property. Generally, if your weekly rent is less than $700, the maximum bond your landlord can charge is four weeks worth of rent. This varies according to the type of tenancy and the landlord.
Easy bond pay loans
Easy 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.
Easy 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 easy 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.
One term you may come across if you take a bond loan is a dishonour fee. This isn’t as scary as it may sound. Essentially, you may incur a dishonour fee if you attempt to make your loan repayment without having sufficient funds in your account. Depending on who you take your loan with for your easy bond pay, the company may try for consecutive days before charging the dishonour fee. However, if the funds are not made available within the period, the fee will incur.
Dishonour fees are not attached to every loan or lender. Whether or not a company charges any additional loan fees will be based entirely on their company structure. Due to this, Monzi cannot speak on the regulations and fees of every lender in our network. However, typically, you may never incur any additional fees if you are prompt with making any repayments.
Easy bond pay interest
If you take any sort of loan from almost any provider to cover your easy 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.
When it comes to taking a loan for your easy bond pay, the applications may vary. Applications could be easier or harder depending on who you apply with. At Monzi, we have tried to make our application process as easy as possible. We can tell you what you’ll need to apply with us for a rough idea of how other applications may work. However, our process is 100% online and paperwork free, something not everyone is offering.
To apply through the Monzi lender-finder, you are going to need to be an Australian citizen or permanent resident, over the age of 18. You will then need to have a valid mobile number and email and evidence of a regular income for the last three months. That’s it; it’s that simple. Then you just have to tell us how much you’re looking for and what term you might like, and we will do our best to find you a lender who may be able to help with your easy bond pay.
Easy bond pay – bad credit
So, can you still take a loan for easy bond pay with bad credit? Well, this depends on three things.
- Your provider
- The state of said bad credit
- Your income and expenses
Not every loan provider can cater to bad credit. For example, if you believe you have bad credit but require a bond loan, you may not receive help from a financial institution. Instead, you could try private loans. Private loans come from private lenders with more lenient criteria, meaning they are more likely to give you the time of day than a bank would. However, even if they can help bad credit, there may still be limits on ‘how bad’, along with the state of your cash flow.
At Monzi, our lenders may be able to offer you bad credit personal loans to help cover your bond loan. However, this isn’t guaranteed, as it depends on the lender you match with. If you find a lender who cannot help, you are welcome to apply again to match with a different lender. Again, however, this is not guaranteed. Be honest with yourself about the state of your credit before applying for any loans. Doing so may save you from further damaging your credit report.
Can you take an easy bond pay loan if you are receiving a Centrelink income? Again, this will depend on your loan provider. The lender’s in the Monzi network may offer small loans to people receiving a Centrelink payment as part of their income or potentially as their entire income.
This, however, will depend on multiple factors. The first is how much you rely on your Centrelink payments. If you require your whole weekly income to maintain your family, it is unlikely you will also pay off a loan. However, if you still have a reasonable amount left over after accounting for your expenses, it could be possible that your lender will allow you to take one of these loans.
Before you apply for any sort of loan, however, see if you can first ask Centrelink for a cash advance. Are there are any additional grants you may be eligible to receive? Can you speak to a financial advisor to create a better budget and avoid requiring a loan? Don’t think of any loan as a first option.
Easy 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 easy 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.
We have already said what you need to be eligible for a Monzi loan and potential other loans. But what might you need to be an eligible renter in the property market? There are several things you will either require to place your application or improve your chances. These things may include:
- Photo identification: a passport or drivers license should work fine.
- A recent phone or utility bill: for assessing payment accountability.
- Employment and income verification: to prove you can cover the payments.
- Employer reference: to attest to your reliability and responsibility.
- Neighbour reference: to vouch for how you treat your home.
- Personal reference: not a relative, to add incentive.
The number of references you have is ultimately up to you. The more people you have that can vouch for you, the better. Your property manager or, in the case of a private rental – the property owner, wants to see that you are trustworthy. If you have people who can attest to how you treat your property, others, and yourself, you are more likely to appeal to a landlord.
Credit checks and paying a bond
Easy bond pay loans are often accompanied by a credit check, depending on the loan provider. You know the drill; Monzi cannot speak on behalf of every loan provider. Instead, we can tell you about what you can expect from our lenders. Monzi lenders may not require a credit check as part of their processes in some instances. However, each lender operates differently.
If you are applying for a small loan, some lenders may be willing to skip a credit check altogether. The larger the loan you are requesting, the less likely this becomes. However, if your lender does require a credit check, this isn’t the end of the world. Providing you have a good job and income and not a lot of unreasonable outstanding expenses, your lender may be able to work with bad credit. If you don’t receive loan approval, however, stay calm. Denial is in your best interest as it will most likely save you from debt you cannot repay. If you want to know why you didn’t receive approval, you can always reach out to your lender and ask.
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 easy 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.
When should you get your bond back?
You should have your bond returned to you after your tenancy. Providing you have kept the property in perfect condition and made all of your repayments. Your bond cannot be your final rent payment. If you move out in two weeks and your rent is due just before you do so, you will have to pay it. Then your bond can be returned to you.
Your bond is separate from your monthly payments as it is security for your landlord. It is also an incentive for tenants to ensure they maintain the home for the duration of their time. This assessment takes place via a condition report. A condition report happens before the tenant moves in. It notes the condition of all aspects of the home. Tenants can check this condition report to verify that it is correct and not a potential scam to cheat them out of their bond. If the post tenancy state of the house still aligns with the pre-tenancy condition, then your bond should be returned to you.
Types of rentals
There are several rental types that you may like to explore. Whether it be townhouses, family homes, apartment complexes, or even more short term vacation rentals like Airbnb. However, you can rent all sorts of things these days. Which may make it easier for you when life tips on its head.
You can rent most vehicles, from cars and trucks to trailers, boats and caravans. Or Monzi could help you owns these things with truck loans, boat loans, and caravan loans. Alternatively, you could rent white goods, gardening supplies, or power tools. Whatever you need, there’s most likely someone offering it and another who can help with easy bond pay.
How long can you stay in one rental home?
Rental properties have a reputation as the first step before owning your own home. But this doesn’t have to be the case. For example, maybe you live a job that moves around frequently? Or if you don’t want a 30-year mortgage, you can make a rental a more permanent home. In addition, it is possible to stay in one rental house for years if your landlord is happy with you.
To do this, you are going to want to form a good relationship with your landlord. Take good care of their property and be prompt with your payments. It will help to declare your intentions to the landlord or property manager when you move in. Tell your landlord you intend to raise your family in one home and would like to stay as long as possible. If you establish a good relationship, your landlord may permit you to renew your lease as many times over as you like.
Tips for moving out for the first time
If you have never left home before and are planning on moving out for the first time, aside from easy bond pay, some other tips are worth noting.
Work out what you want and what you need
This may not be your dream home. You will need to come to terms with this. Look for the features of a house you need before the ones you want. For example, work out how many bedrooms and car spaces you need and whether you require a pet-friendly rental. Once you have worked out the essentials, you can look for those nice-to-haves like an excellent entertaining space for guests.
Inspect the property
Property photos can be deceiving. You want to know precisely what you are getting before you sign a contract. Don’t get distracted by property aesthetics, either. You should be looking at property condition and that all appliances and utilities are working as they should.
Understand your tenancy agreement
This agreement is a legally binding contract. So, you want to be sure that you have thoroughly read and understood it before signing. Note any questions or areas where you believe your agreement is vague. Ensure you raise these with either the property manager or the landlord.
One of the other popular rentals available to you is cars. Rental cars can be beneficial in several situations. If you are visiting a different city, for example, and require a vehicle for the week. Or perhaps your car was totalled, and you need a rental to get you to and from work while repairs are taking place. No matter the need, it can be pretty easy to apply for a rental car.
Several companies may be able to help you in this department. You will most likely need a bond or a deposit to finalise your rental. Easy bond pay can work here. However, your deposit is most likely going to be smaller, and you may be able to pay it upfront in cash. Vehicles of all shapes and sizes will be available to you, depending on the company you choose. Don’t overlook what a rental car may be able to offer you.
Easy bond pay and Monzi
Monzi is here and ready to help with your easy 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@example.com.
Let’s keep in touch!
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We look forward to seeing you there!