| There are many kinds of loans available from banks | | | | an Australian permanent residency status. |
| and lending firms that are designed to suit a lenders | | | | The proceeds of the government bond loans are |
| particular requirements. If the loan is needed to rent a | | | | intended solely for the rental bond, and therefore |
| house or flat, a bond loan is the ideal choice. Bond | | | | cannot be used in other ways or for other purpose. |
| loans are not charged with interest and are intended | | | | The amount of the bond loan will be dictated by the |
| for people who do not have the financial capacity to | | | | number of bedrooms of the leased property and the |
| pay a full rental bond upfront. | | | | number of household members who will live their. At |
| The rental bond is also called a refundable security | | | | the end of the lease period, the bond loan will be paid |
| deposit. It is intended to cover any compensation on | | | | back by the borrower in its entirety, regardless of the |
| the landlord's behalf for any damages to his property | | | | actual amount refunded by the landlord. |
| other than ordinary wear and tear during the period of | | | | To apply for a government bond loan, an eligible |
| occupancy, and for any unpaid rent at the end of the | | | | person will have to fill out an application form and |
| lease period. Government-issued bond loans are to | | | | submit it to the nearest housing office with jurisdiction |
| help people who cannot afford to pay the whole bond | | | | over the area. The application process will have to |
| amount that is demanded by landlords. | | | | involve the landlords or their agents who will provide |
| This type of loan is available to people who are able to | | | | certain information on the property as well as to |
| satisfy certain requirements, among which the | | | | establish ownership of the property. Borrowers can |
| borrower must not own or partly own any residential | | | | apply by themselves, as a couple or as part of a |
| property, a mobile home, or a boat house; secondly, | | | | shared household. A prerequisite would be the |
| the borrowers and the members of the household | | | | landlord's acceptance of the borrower's lease offer, |
| must meet certain income and asset limits; thirdly, the | | | | and the leased property should be in the state or |
| weekly cost of renting the residential property should | | | | territory where the bond loan is being applied for. |
| not be more than a certain percentage of the | | | | However, there are private lending companies that |
| household's gross weekly income (the percentage | | | | also offer bond loans-without the hassle of too many |
| varies in some states and territories); fourthly, the | | | | requirements. These lending firms promise quick and |
| borrower must not have an outstanding debt from | | | | easy bond and rent payments in one hour, plus these |
| previous bond loans or public housing tenancies with | | | | offer instant approval, low interests, and low |
| the state or territory's housing department; and lastly, | | | | repayments. Cash amounts up for grabs start from |
| the borrower should be an Australian citizen or have | | | | $500. |