Going To Rent? Do You Need A Housing Bond Loan?

Going To Rent? Do You Need A Housing Bond Loan?

There is a lot to think about when you decide to spread your wings and move into a rental property. Often his main thoughts initially revolve around where to live, whether he can afford to pay the rent, and how much furniture he will need …

Unfortunately, many prospective tenants overlook the very important requirement of securing the property with a home (or tenant) bond until requested by the realtor. In Australia, the bonus is generally calculated by multiplying the weekly rent by 4. So using an average rent of $ 500 would mean a bonus of $ 2000 PLUS, usually two weeks in advance of the rent. If you don’t have this in the bank (and let’s face it, you’d probably want to spend it on some furniture for the new place if you did) it only means one thing – you’ll have to borrow it.

Fortunately, there are specialized lenders who have specifically designed their personal loan product for this exact purpose.

The benefits of using one of these specialized lenders are:

The application process is exceptionally fast, usually with instant indicative approval.
Money is deposited into the account within 24 to 48 hours after formal approval.
The loan structure allows you to pay it off without penalties or early termination fees.
By applying directly to such a specialized lender rather than using a broker, you avoid the risk of the broker comparing your application and possibly impacting your credit rating due to multiple inquiries.
These lenders can often loan you more to help you with moving costs, etc.
These lenders can often help people who have had bad credit or have filed for bankruptcy.
To find one of these specialized home / rental bond lenders, you will need to search online. When conducting an online search, it is important that you choose one that is reputable and well established. Here are three tips to help you feel confident that you are dealing with a professional lender.

1. CHECK YOUR MEMBERSHIPS

Check that they are members of various industry bodies. When visiting their website, make sure they list reputable and recognized industry Advanced Payment Bond  bodies, such as:

The National Federation of Financial Services
Credit Ombudsman Service
The Australian Mortgage and Finance Association
2. CHECK YOUR PRESENCE ON SOCIAL MEDIA

Are they active in current social media forums such as:

Facebook
Twitter
Blogs
These outlets show actual and current customer reviews / testimonials that you can gain trust.