Has anyone got an experience with taking out a short term cash loan to pay a rental bond? We're moving soon, currently looking for another rental and will probably have to do this. I want to hear from anyone who has done this and your experience.
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Has anyone got an experience with taking out a short term cash loan to pay a rental bond? We're moving soon, currently looking for another rental and will probably have to do this. I want to hear from anyone who has done this and your experience.
yep i have with homeswest they do rental bonds interest free too :) dont know what ur situation is tho :):
The Dept of Housing used to give long term, no interest, bonds. That get sent back to them when you move out of the property. Not sure if they still do.
thats who i was talking about :):
They do but you have to have already found a property to rent and be in need of serious financial assistance, prob best to ring and ask them if you qualify.:
Dept of housing do them, they pay 3 weeks of the bond in NSW, but you guys are both working, so I really don't think you'd be eledgable. You have to have income under a certain amount which is set by the number of people living in the house.
Baisically, around (not much more) than if you were only living on centrelink benifits.
I'll google it, but based on my income I don't think we'd qualify for that. I have been googling other companies that do short term loans for this kind of thing.:
My DH & I got a short term loan a few years ago when our car needed some urgent repairs.
We found it was ok, but there were times that the money didn't get taken out at the right time which would incur us a $45 over drawn penalty with our bank and a $25 one with the company the loan was through. In the end they waived those fees as they recognised it was a fault of theirs.
Now that we're financially better off I wouldn't go for one of those loans again due to the large interest rate, but it definitely helped us at the time. The maximum amount we were allowed to borrow was $500 as that is usually what they start people off with. It didn't matter that we were both working at the time either, we couldn't borrow more than that.
I've been looking at some that let you borrow up to $5000. We are only going to need about $1000 and then when we get our bond on this place back, we'll put it straight onto the loan, plus some of my tax return. I've found one where the minimum loan term is 8 weeks to a max of about 12 months. No penalties for paying it out after 8 weeks though. But wouldn't you know it, on the website there is no mention of interest rates.
I'll talk more to DH about it and maybe put in some calls.
Sounds a lot like the one we did. We only wanted to borrow $1000 also but they only let you start off with $500.
Hopefully it is different where you're going though :)
This mob have loans specifically for the purposes of rental bonds so I don't think for a bond loan they would only give $500, that's not enough for a bond. They expect you to use a vehicle as security though.:
Can you transfer the bond across? I've done it before. You might have to go through the same RE though.
Not likely. We are probably going to break the lease a couple of months early. We'll have to pay rent on this house until new tennants are found, also pay advertising costs and wont get our bond back until new tennants move in, or our official lease term is over, which ever is first.:
Oh, bugger that.
Might try to get enough to cover the extra cost of 2 rents and stuff if we do break the lease early.