There's a lot to think about when you decide to spread your wings and move into a rental property. Often your main thoughts initially revolve around where to live, whether you can afford to pay the rent and how much furniture you will need...
Unfortunately many prospective tenants overlook the very important requirement of securing the property with a housing (or tenant) bond until it's requested by the property agent. In Australia the bond is generally calculated by multiplying the weekly rent by 4. So using an average rent of $500 would mean a $2000 bond PLUS usually two weeks in advance rent. If you don't have this in the bank (and let's face it - you probably would want to spend it on some furniture for the new place if you did) it only means one thing - you will have to borrow it.
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Fortunately there are specialised lenders out there that have specifically designed their personal loan product for this exact purpose.
The benefits of using one of these specialised lenders are:
The application process is exceptionally quick - generally with an instant indicative approval.The money is deposited into the account within 24 - 48 hours of formal approval.The structure of the loan allows you to pay it out without any penalty or early termination fees.By applying direct to such a specialised lender rather than using a broker, you avoid the risk that the broker may shop your application around and possibly affect your credit rating due to multiple enquiries.These lenders can often lend you extra to assist with moving costs etc.These lenders are often able to assist people who have had bad credit or previous bankruptcy.
To find one of these specialised housing/rental bond lenders you will need to search online. It's important when you are searching online that you choose one that is reputable and well established. Here's 3 tips to help you feel confident you are dealing with a professional lender.
1. CHECK THEIR MEMBERSHIPS
Check that they are a member of several industry bodies. When viewing their website ensure they list reputable, well-known industry bodies such as:
The National Financial Services FederationCredit Ombudsman ServiceThe Mortgage and Finance Association of Australia
2. CHECK THEIR SOCIAL MEDIA PRESENCE
Are they active in current social media forums such as:
FacebookTwitterBlogs
These mediums show current and real customer comments/testimonials that you can gain trust from.
3. CHECK THEY ARE LISTED ON ASIC
On the prospective lenders webpage note either their business name or the name listed as the financial provider. Then check these names on ASIC's official government website www.asic.gov.au. ASIC stands for Australian Securities and Investment Commission who handle all the registrations of legitimate companies and businesses within Australia.
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Once your comfortable you have chosen a reputable rental/housing bond lender here's some final tips to help get the rental property you want:
Be Prepared: Have all the Agent's application forms already completed - they usually have these available online that you can download.
Be Proud and Present Well : If you have been a good tenant in the past bring all of your references and even a copy of your rental ledger to prove consistent and timely payment. Dress to impress - first impressions count.
Have Your Rental/Housing Bond Organised: If you haven't got the cash, apply to a reputable Housing Bond/ Rental Bond lender so you can have the money ready to transfer. In the very competitive rental market Australia is currently in, you may even need to consider offering a little more that the advertised rate if your heart is set on securing a particular property.
Happy Moving!
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