1. What is Rentbond
RentBond is the smart way to pay your rental bond via a payment plan that allows you to spread the cost of your rental bond over 3 or 6 monthly instalments.
Applying is easy and no credit rating is required. Simply use our easy online application at www.rent.com.au/rentbond. If approved, we will confirm your acceptance and deduct your first instalment immediately. We then provide same day payment of the bond to your Property Manager or Government Bond authority.
RentBond is made available by Principal Finance, an independent finance company with a reputation for providing innovative finance solutions across a wide variety of industries for more than 30 years.
2. How does it work?
Using RentBond is fast and easy.
Step 1: Once accepted for your new rental property, apply for RentBond at www.rent.com.au/rentbond
Step 2: You will be asked to complete your application online with details including the address, the property manager’s details, and the bond amount.
Step 3: If approved for RentBond, you will be issued with a RentBond agreement. Once you have accepted the agreement and provided payment details for your RentBond instalments, your bond will be paid to your Property Manager or Government Bond authority the same day.
Step 4: That’s it! We deduct your monthly instalments until the bond has been repaid in full.
3. What interest rate is charged?
Loan charges include a fixed interest rate, an application fee of $30, and a monthly administration fee. The interest rate payable varies depending upon the size of the bond and the term over which the bond is financed. The total cost to you is disclosed in bold on the terms and conditions that are provided with each application.
You can use the repayment calculator on this page to calculate the total cost of the loan over 3 or 6 months.
4. Are there any other fees and charges?
An application fee of $30 is charged on completed RentBond loans, and a monthly administration fee. The administration fee varies depending upon the size of the bond and the term over which the bond is financed. You can use the repayment calculator on this page to calculate the total cost of the loan over 3 or 6 months.
A reprocessing fee of $15 may be charged if there is a need to reprocess a payment due to a payment default by you, and a cancellation fee of $20 to cover our administrative costs associated with any cancellation of the contract by you.
5. How much can I apply for?
There is no limit to the amount you can apply for, but your maximum RentBond amount must match your bond amount.
6 .Can I use RentBond if I have already paid my bond?
No. If your Property Manager has already received payment from you, you will not be able to use RentBond.
7. Can I use RentBond with any Agent or private landlord?
RentBond can be used for any property rented through a registered Real Estate Agent.
For properties managed by a Private Landlord go to our our Personal Loan partner Fair Go Finance.
8. Can I pay my rent, letting fees or holding deposit with RentBond?
No. RentBond is only available for the payment of your rental bond, and cannot be used for any other purpose.
Should you require additional funds for rent in advance, letting fees, and other moving costs we would like to refer you to our Personal Loan partner Fair Go Finance.
9. Will I receive the funds directly?
No. In order to protect the security of the rental bond payment, the bond will be paid directly to your Property Manager or Government Bond authority.
If you require the funds to be paid directly to your bank account, we would like to refer you to our Personal Loan partner Fair Go Finance.
10. How do I get my bond back later when I end my lease?
Your bond is returnable to you from the Property Manager as per normal. Your RentBond contract is not tied to your lease.
11. Who is Fair Go Finance?
Fair Go Finance is the rent.com.au personal loans partner. When you need to finance more than just the bond, for example rent in advance and other moving costs, or to spread your payments over 12 or more months, Fair Go Finance may be able to help