Bond Loan VIC
It’s instant, easy – and completely free for 21 days!
- Pre-Approved bond loans in VIC.
- Moving house is even easier with our new bond loan advance.
- With a 2Apply RentBond loan, you can get the funds to pay your new rental bond and other moving costs.
- Then just simply repay the bond loan within 21 days – or over a longer period if you prefer (subject to payment terms).
- RentBond takes the hassle out of moving between rentals.
Bond Loans in Victoria
How 2Apply Rent Bond loans work
Submit your application to rent the property
Once you are approved for the property, you will receive an invitation to apply for a 2Apply RentBond loan.
Apply online in minutes and get fast approval – usually the same day.
Receive your funds in your nominated bank account the next business day.
Repay within 21 days for no interest or fees. Choose our flexible repayment options if you need longer.
How Bond Loans work in Victoria
In most cases, a bond cannot be more than one month’s rent.
A rental provider can only ask for a higher bond when either:
- the weekly rent for the property is more than $900
- VCAT has set a higher bond for the property. They might do this because of the character of the property or the quality of the fittings and furniture.
There is no rule about maximum bond in these cases.
Before March 2020, rental providers could also ask for a higher bond if they planned to live in a property at the end of the agreement. This does not apply to agreements signed after March 2020.
There are different rules for people living in rooming houses, caravan parks and residential parks.
Accurate at April 2023 – Source – Victorian Government
2Apply RentBond loans will advance you the costs of your rental bond and other moving costs – with a loan that can range from $500 up to $10,000.
21 days free
Repay your RentBond loan within 21 days and you won’t pay any interest, fees or charges.
With flexible repayment plans, RentBond makes it so easy to secure your new rental property in Victoria.
Rental bond Victoria
Rental bonds, also known as security deposits, are a common aspect of renting residential properties in many states and countries, including VIC. A rental bond is a sum of money paid by a tenant to a landlord or property manager at the beginning of a lease agreement, and it is held as a form of security to cover any damages or unpaid rent that may occur during the tenancy period.
In VIC, the laws governing rental bonds are typically regulated by state or local legislation, and the specific requirements and procedures may vary. However, there are generally common principles that apply to most rental bond arrangements in VIC. Here are some key points to consider:
Purpose and Use of Rental Bonds: The primary purpose of a rental bond is to protect the landlord against any financial losses caused by damages to the property or unpaid rent by the tenant. The bond serves as a form of security for the landlord and can be used to cover the cost of repairs or other expenses that may arise due to the tenant’s actions or negligence.
Limitations on the Amount of the Rental Bond: In VIC, there may be restrictions on the maximum amount that a landlord can charge as a rental bond. The limit may vary depending on the type of property (e.g., residential, commercial), the duration of the lease, and the local rental market conditions. It’s important for both tenants and landlords to be aware of the legal limits on rental bonds in their specific area.
Obligations for Holding and Returning Rental Bonds: Landlords are usually required to hold rental bonds in a separate account and provide the tenant with written notice of the details of the bond, such as the amount, the account where it is held, and the conditions under which it may be withheld. In VIC, there may also be regulations on the timeframe within which the rental bond must be returned to the tenant after the end of the tenancy, and the reasons for which the landlord can withhold some or all of the bond.
Dispute Resolution and Mediation: In the event of a dispute over the rental bond, VIC may have established procedures for resolving disagreements between landlords and tenants. This may involve mediation, arbitration, or other dispute resolution methods to reach a fair and impartial resolution.
Additional Protections for Tenants: VIC may have additional laws or regulations that provide further protections for tenants regarding rental bonds. For example, there may be requirements for landlords to provide receipts or written explanations for deductions from the bond, or provisions for interest to accrue on the bond amount while it is held by the landlord.
Penalties for Non-compliance: Failure to comply with the rental bond laws in VIC may result in penalties for landlords, such as fines or other legal consequences. It’s important for landlords to understand their obligations and responsibilities regarding rental bonds to avoid any potential legal issues.
In conclusion, rental bonds are an important aspect of renting residential properties in VIC. Landlords and tenants should familiarize themselves with the specific laws and regulations governing rental bonds in their area to ensure compliance and protect their rights. Consulting with legal professionals or relevant government agencies can provide further guidance on the requirements and procedures related to rental bonds in VIC.
Rental Bond Loans are available Australia wide
Australian Capital Territory (ACT)- Canberra, New South Wales (NSW)- Sydney, Northern Territory (NT) – Darwin, Queensland (QLD) – Brisbane, South Australia (SA) – Adelaide, Tasmania (TAS) – Hobart, Victoria (VIC) – Melbourne, Western Australia (WA)- Perth