What is RentBond?
RentBond is a way for tenants to pay their rental bond via a payment plan that allows them to spread the cost over 6 or 12 monthly instalments.
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.
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.
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.
Can I use RentBond with any Agent or private landlord?
RentBond can be used for any property listed on Rent.com.au by a registered Real Estate Agent. At the moment RentBond can’t be used for properties rented through a private landlord, or for properties not listed on Rent.com.au
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.
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.
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.
What interest rate is charged?
RentBond charges include a fixed interest rate of less than 6% plus a monthly administration fee to cover our costs. 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 our terms and conditions that are provided with each application.
Example: If a bond application for $1,000.00 was to be repaid over 6 months, the total cost to you including administration fees, would be $93.00 which equates to less than 10% of the rental bond. Lower interest rates apply for larger bond amounts.
Are there any other fees and charges?
We may charge a reprocessing fee of $15 if we 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 this contract by you.