Is a Bond Loan Your Way Home?
When it comes time for a new place, but coming up with the full rental bond can be just out of reach for many people. If this is you, then a bond loan could be your best bet. Yet many people still aren't sure just what one is and how it can help them. At www.cashdoctors.com.au we want you to understand all of your finances, so we'll try to explain.
The government puts it: "A bond loan is an interest free loan for people who cannot afford to pay a full rental bond to move into a private rental accommodation." When it comes down to it; there are a whole series of qualifications to determine whether or not you qualify for "cannot afford to pay a full rental bond", and that the structure you're considering must meet as well. It is a tricky process to maneuver, and easy to get disqualified.
If you do miss out, you can come to www.cashdoctors.com.au for a payday loan to cover until your cheque arrives so you can still move in. Just log on to www.cashdoctors.com.au to sign up for your Cash Doctors card, and you can be ready for whatever comes. Your card is the quickest way to apply and easiest way to receive your funds. You won't have to put your life on hold while someone else decides your fate.
The bond loan process begins with your application, which is your chance to prove your qualifications for the bond loan. Topping the list is to be an Australian citizen, permanent resident, have a temporary protection visa, or possess a bridging visa if your temporary protection visa has expired, and live in Queensland. Once past this criteria, it is important that you not already be living in the place you need the bond for. There are some exceptions here, so look into them if you thing you might have the chance of qualifying under them.
The next qualification can be a balancing act. The income requirements are the specific ones that determine your need for the bond loan. The balance comes in where it also determines how much rent you can afford in the new place. Your new rent can't exceed 60% of your monthly household income. You are probably starting to see some of the trickiness of the process.
The rest of the qualifications concern your personal worth, and options. An applicant isn't allowed to own certain properties, and not have any more than $2500 dollars in cash or savings. It almost goes without saying that if you have any outstanding debts to the Queensland Department or Housing or Queensland Housing Commission, they aren't going to give you any more money.
It is easy to see why it would be good to apply at www.cashdoctors.com.au for your Cash Doctors card to have a back up, just in case.
Reader Comments
Posted By: Hana - 16 June 2008 09:55:34
Hi,
Would like some info on Bond Loans please.
Cheers.
Posted By: cara latham - 26 May 2008 11:31:43
To whom It May Concern,
i was just wondering if you do bond loans ?
If yes i am intrested in applying for one if ou could email me back some information that would be great.
i am a customer of cash doctors already.
thank for your time
Cara Latham
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