What can a bond loan be used for?
A bond loan is a type of personal loan that you typically use to help pay your bond when you rent or lease a property to live in.
Here at Housing Bond Loans however, (powered by Fair Go Finance) our bond loan is not restricted to only being used towards your bond.
What else can a bond loan be used for?
If you apply for a bond loan with us, you’re welcome to apply for extra funds to help with all your moving and set up costs too. Some things you may want to borrow additional funds for, may include:
- Your removal van or removalist costs
- Fridge, washing machine or any other white good costs
- Insurance and utility set up costs
- General expenses when you first move in, such as crockery, utensils, sheets and towels
- A pet bond if you’re moving in with your pet!
How much can I borrow for a bond loan?
Our bond loans range from $500 up to $5,000.
If you have a good credit rating, and are looking for a larger loan, we may be able to help you too.
If you are not sure whether you have a good credit rating, you’re welcome to read more information on our Fair Go Finance website, which explains what your credit rating is.
Can I repay my bond loan early?
Yes you can, and with no penalty or early repayment charges!
We understand that you may only need a bond loan for a short time, especially if you are moving from one rental property to another and are waiting to receive your previous bond payment back.
Can I get a bond loan if I have bad credit?
Yes you can, depending on your level of bad credit.
Our loans are powered by Fair Go Finance, so you may wish to read their blog entitled, “Can I get a bond loan if I have bad credit?”
Are bond loans secured or unsecured?
This will really depend on the amount you want to borrow.
As a general rule, if you want to borrow less that $2000, then your bond loan will most likely be unsecured.
If you want to borrow more than $2000, this is when your loan may need to be secured using an unencumbered vehicle in your name. We can discuss this with you when you apply.
Last minute tips for bond loan customers
If you’re planning to rent a property, especially if it is your first time, here are a few top tips we’d like to share with you.
- When choosing a property, take a note book and record lots of notes and photos. Look for things like mould and water damage, fire alarms, parking availability, where the electricity meter board is and that it is in good working order. Also make sure it has secure windows and door locks.
- When you agree to a property, make sure you read your tenancy agreement thoroughly. Understand what you are, and are not responsible for such as gardens and pest control. Clarify when inspections will be done, and how maintenance work will be arranged. An agent or owner must always give you sufficient notice before turning up at your property.
- Get everything in writing, look after the property and make sure you inform the agent or owner of any damage straight away.
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