Bond Loans: A potential win-win
Strapped-for-cash renters access loans to cover their bond shortfall.
A new tenancy can be expensive for renters – there are moving costs and rent in advance; not to mention the bond that needs to be paid.
For many renters, the bond is the single biggest upfront expense, and coming up with the whole bond can be a financial strain, especially if the tenant is waiting for a previous bond to be repaid.
The online rental service has come up with a solution – RentBond. This financial product is designed to be a win–win for landlords and tenants. If the tenant qualifies, their full bond is paid to the property manager, while the renter pays RentBond back over time (usually three or six months), without paying any interest.
This frees up the tenant’s cash-flow at the start of their tenancy and means you don’t have to accept late or partial bond payments.
That’s information worth sharing with your prospective tenants.
(Note: RentBond is not available in the NT.)