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, if you can afford to pay the rent and furniture as it will be needed …
Unfortunately many potential tenants are very important requirement insuring the property with a housing bond (or tenant) until it is requested by the property agent. In Australia the link is typically calculated by multiplying the weekly rent from 4. So using an average rental of $ 500 would mean a bond $ 2000 PLUS usually rent two weeks in advance. If you don’t have this in the Bank (and let’s face it-you probably spend on furniture for the new place if you did) means only one thing-you’ll have to borrow it.
Fortunately there are specialised institutions out there that are specifically for this exact purpose their personal loan product.
The benefits of using one of these specialized agencies are:
The application process is exceptionally quick-usually with an indicative instant approval.
The money is deposited into your account within 24-48 hours after the formal approval.
The structure of the loan allows you to pay without penalty or early termination fees.
Direct application to a specialized service provider, rather than through a broker, you avoid the risk that the broker may buy the application around and perhaps influence the credit rating due to multiple requests.
These creditors can often lend you extra for help with moving costs etc.
These institutes are often able to help people who have had bad credit or bankruptcy.
To find one of those specialized lenders housing/rental bond you will have to search online. It is important when you’re online, choose one that is reputable and well established. Here are 3 tips to help you feel confident that you are dealing with a professional lender.
1. check the membership
Verify that they are a member of various industry organizations. When you look at their website to ensure predictable list, well-known industry bodies such as:
The National Federation of financial services
The credit Ombudsman Service
The mortgage & Finance Association of Australia
2. check the PRESENCE of SOCIAL MEDIA
Are active in social media forums current as:
These media Show comments/testimonials from existing customers and real that you can get confidence from.
3. check that are LISTED on ASIC
On the Web page of potential financial backers note their business name or names listed as financial provider. Then check out these names on the official government website at www.asic.gov.au ASIC. ASICS stands for Australian Securities and investment Commission that manage all registrations by legitimate corporations in Australia.
Once your comfortable you have chosen a reliable bond financier/rental housing here is some final tips to get the rental property you want:
Be prepared: have already completed application forms-agent usually have these available online that you can download.
Be proud and in mind: If you’ve been in the past a good tenant to bring all references and even a copy of your rental records to demonstrate coherence and timely payment. Dress to impress-first impressions count.
Held your bond/rental housing: If you don’t have the cash, apply to a respectable link/housing rental provider Bond so you can have the money ready for transfer. Very competitive market of renting that Australia is currently, you might also need to consider little more than the advertised rate offers if your heart is set on securing a particular property.