RentBond allows renters to pay their rental bond, two weeks’ rent in advance and other moving costs upfront and repay in two flexible ways.
If the applicant just needs a short-term loan while waiting on their bond to be refunded from their previous property, RentBond lets them borrow the funds for up to 21 days at no cost. Once they receive their bond refund and pay the RentBond loan back in full within the first 21 days, they won’t pay interest or any other costs.
RentBond benefits for property managers
- The 21-day interest-free period means renters can fund their new bond at no cost, while they’re waiting on their previous bond to be returned
- If the applicant repays the full amount within 21 days (e.g. when they’ve got their previous bond back), they won’t be charged any interest or fees
- All successful applicants will have passed affordability and credit checks
- No extra paperwork or processes required from the property manager
- Option to pay the bond directly to the agent’s trust account, to the relevant bond authority or the renter.
RentBond applicants undergo a credit check as part of the process, and other eligibility criteria apply.
Through its joint venture with Fair Go Finance, rent.com.au aims to empower renters with greater financial flexibility and convenience when funding their next rental bond.
Fair Go is providing financial technology to facilitate the expansion of RentBond’s features, taking the product to the next level in terms of convenience and attractiveness.
Making bond payments easier for agents
The already market-leading bond payment solution is just one of rent.com.au’s products and services that make the renting process easier for agents, tenants and landlords. RentBond helps renters cover their bond and moving costs (up to $10,000) while they’re waiting for their bond refund from their previous rental.
The new interest-free feature has the potential to change how people manage their money during their move, Mr Bader said. “It fits with our goal of simplifying the moving process. RentBond is perfect for the savvy renter who carefully controls how and when they pay. It can help with the “cash squeeze” if you’re still waiting on the old bond to be returned but need to secure that new dream property.”
“From real estate agents’ perspectives, it guarantees bond payment on time, with payment made directly to an office trust account, the bond authority (where applicable), or transferred from the applicant themselves,” Mr Bader said. “This means the agent has the security of knowing that the bond is covered”