Is a Bond Loan the Best Loan For You?
When you’re looking to get a new rental property, but producing the full amount of the bond is proving to be a difficult task, you have a few options available to you. A bond loan is a possibility, but not many people know what they are or how they can help. At Payday Cash Loan, we want you to know all about your finances, so we’ll explain the basics of a bond loan here.
A bond loan is basically an interest-free loan for individuals who cannot afford to pay a full rental bond to move into a private rental property. There are a lot of requirements which determine whether or not you will qualify for a bond loan. It’s a bit of a tricky process to maneuver through, and unfortunately even trickier to qualify.
However I’ll tell you right away, you don’t have to worry about getting declined for a bond loan. A quick visit to www.paydaycashloan.com.au will fix your problem in no time. You can apply for a payday loan in just 5 minutes and then you can start moving an hour later.
But if you are going to apply for a bond loan these are the main criteria:
- You must be an Australian citizen, permanent resident, have a temp protection visa, or be in possession of a bridging visa.
- It is important that you’re not already living in the place that you’re applying for. Some exceptions do exist here, but 9 times out of 10 that’s a no go.
- You’re not allowed to own certain properties or have savings exceeding $2500.
- Your new rent cannot exceed 60% of your monthly household income. This qualification can be tough, as the income requirements are very specific and will ultimately determine whether or not you qualify for the loan.
- Finally, if you have any outstanding debt with the Queensland Department of Housing or Queensland Housing Commission, you’re not going to qualify.
It gets a little tricky at times with a bond loan, but it’s worth the hassle if you don’t have the money readily available. If you don’t make it through the hoops of the bond loan process, you may be better suited to visit Payday Cash Loan and apply for a fast payday loan – We’re always available if you need us.
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