Rental bond loans for tenants
Moving can get expensive. There’s the cost of removalists or hiring a truck, and often, you’ll need some new furniture or appliances. As if that’s not enough to cope with, there’s finding a month’s worth of rent in advance – and then there’s the rental bond. It’s a lot of cash to find, and many renters find it difficult to cover the total cost of moving, which is where bond loans come in. Bond loans are more flexible than personal loans. You can borrow between $2,050 and $5,000.
Every year, thousands of Australian tenants use a rental bond loan to manage the financial impact of upping sticks. Savvy partners with a selection of lenders that offer short-term bond loans. They’re perfect for when you need to cover the expense until your existing bond gets refunded – or even until you find some housemates. When you want to spread the cost of a rental bond over a longer period, there is a range of options for rental bond loans that extend up to two years.
Why apply for a small loan with Savvy?
No matter the time of day or week, you can complete your small loan application with us online.
You can receive an outcome in 60 seconds and, if successful, have your money sent in just one hour.
We're partnered with reputable Australian lenders to bring you greater peace of mind when applying for your small loan.
Frequently asked bond loan questions and answers
Bond loans don’t get secured against property or possessions, so they’re pretty flexible. That frees you up to pay for a few different things with one round of borrowing. On top of your bond, you may want to fund advance rent, as well as the cost of furniture and appliances – and even removalists.
Some Aussies use a bond loan over a really short period if they need to move while waiting for a bond refund. Sometimes, it’s loans for first-time renters when it makes sense to spread the hit over several paydays. Many main tenants from flat or house shares borrow over a medium term while waiting for new housemates to sign up. Australian rental bond loans don’t have early repayment fees and allow you to set the repayment terms between 16 days and 2 years, which provides you flexibility to pay it back.
Applying for a bond loan with Savvy is simple. We’ll quickly match you with the best lender for your circumstances; then, you’ll get directed to their site. The entire application process gets carried out on the web from your phone or computer. You can upload documents and fill in forms, then receive money directly into your bank account.
Lenders will only ask for a few documents, and most of them are items you’ll have handy. You’ll need proof of ID (passport, driving licence, or government ID card). You’ll get asked for three months' worth of bank statements (borrowers receiving benefits will need a Centrelink income statement too), and some providers will ask for your Medicare card or number.
Cash loan applications are designed to offer quick, easy applications so they’re ideal for rental bonds. Cash loan providers vary, but it’s not unusual to get approved and funded the same day. It’s a great idea to get your application started as soon as you decide to move, and you can save your progress at any time.
Small loans to suit your circumstances
Disclaimer:
The information on this website is of general nature and does not take into consideration your objectives, financial situation or needs.
For loans between $2,050 and $5,000, the APR is between 21.24% (minimum) and 48% (maximum) per annum. Comparison rate of 65.4962%. Minimum term is 16 days and maximum term is 24 months. The cost of the loan is a $400 establishment fee and monthly interest charged on the amount borrowed. For example, a loan of $3,000 over 3 months with an APR of 48%, (comparison rate of 65.4962%), will have an establishment fee of $400, monthly repayments of $1,225.20. Total repayments of $3,675.60 and total interest payment of $275.60.
Warning: A comparison rate indicates the true cost of a loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.
