How to Get Help With Bond Money: 7 Best Options
Australia’s high-competition renting situation means that you might have to jump on a rental at a moment’s notice. This can make it hard to pull together the cash for a bond payment in time. Bond payments are usually a hefty sum and it can be hard to get the money together even when you do have time to plan ahead. From bond loans to government assistance, learn how to get help with bond money today and take the stress out of securing that rental property.
Overview:
- What is a rental bond?
- How much is a bond payment?
- 7 ways to get help with bond money in Australia
- How to get bond money fast
- How long does it take for a bond loan to be approved?
What is a rental bond?
A rental bond is a single lump sum payment you make at the start of a rental agreement. It is used as a security deposit in case you fail to comply with the rental agreement. Often this means covering any unpaid rent or damage that occurred to the property while you lived there. If the property is undamaged and there are no other issues when you move out, you should receive your money back.
What is the difference between a security deposit and a bond?
Security deposit and bond refer to the same thing in Australia. It is the deposit you pay at the start of your tenancy agreement to protect the owner if you don’t comply with the lease agreement.
How much is a bond payment?
Rental bonds are not mandatory though most landlords ask for them in Australia. Each state and territory has its own specific rules about how much can be charged.
While the bulk sum of your bond will be paid when you first sign the rent agreement, there are some states where you might have to pay top-ups along the way. This can occur if the lessor has raised the rent and conditions vary from state to state.
See below for a breakdown of the maximum amount of rent you can be charged in each state and territory, plus, whether bond top-ups are permitted.
State/Territory |
Maximum Bond Amount |
Bond Top-Up Permitted? |
| Victoria | One month’s rent, unless weekly rent is more than $900. | No. |
| New South Wales | 4 weeks’ rent. | No. |
| Queensland | 4 weeks’ rent, unless the weekly rent is more than $700. | Yes, every 11 months if the rent is increased. |
| South Australia | 4 weeks’ rent if the weekly rent is under $800. 6 weeks’ rent if the weekly rent is more than $800. |
Yes, after 2 years if the rent is increased. |
| Northern Territory | 4 weeks’ rent. | Yes, after 2 years if the rent is increased. |
| Western Australia | 4 weeks’ rent. May also be charged an additional Pet Bond of up to $260. |
Yes, after 6 months if the rent is increased. |
| Tasmania | 4 weeks’ rent. | No. |
| Australian Capital Territory | 4 weeks’ rent. | No. |
7 ways to get help with bond money in Australia
In addition to the bond, you usually have to pay 2 weeks’ rent in advance. That’s 6 weeks of rent you need to cough up in a relatively short period of time. If you’re feeling the pressure, don’t stress. We’ve collected 7 options for you to get bond money quickly, so you don’t need to worry about affording the payment upfront.
How to get help with bond money:
- Small personal loan
- Friends and family
- Government bond loans and grants
- Centrelink Advance payment
- Credit card/overdraft
- Instalment payment plan
- Bond loan
1. Small personal loan
One option for fast access to bond payment money is a small personal loan. It’s easy to apply for small loans online and the turnaround time tends to be quite short. This means that if you find a place that suits you and your application gets approved, you don’t have to worry about having the bond money to hand on such short notice.
2. Friends and family
If you have any friends or family who are willing and able to help cover some of the costs, you may not need to get a loan to afford the bond payment. This could work well if you only need a portion of the cost and don’t need to borrow much.
3. Government bond loans and grants
Each state and territory in Australia has a different system in place to help struggling Aussies get homed. Check out the government site for your area to see if you are eligible for any bond financial assistance:
- Victoria: RentAssist bond loan
- New South Wales: Apply for a Rentstart Bond Loan
- Queensland: Bond Loan and Rental Grant application
- South Australia: Apply for bond and rent
- Northern Territory: Help with bond assistance for private rental
- Western Australia: Housing options – bond assistance loans
- Tasmania: Housing Connect
- Australian Capital Territory: Help to pay your rental bond
4. Centrelink Advance Payment
If you receive government income support payments or are eligible for the Family Tax Benefit then you may be able to get an advance payment to cover the bond. The cost of the bond would then be deducted from your payments in instalments until paid off.
Find out more about advance payments to see if you are eligible and how much you would be allowed to borrow.
5. Credit card or overdraft
If you are able to pay off your credit card quickly, you might be able to cover the costs of the bond payment with an existing credit card and pay it off during the interest-free period.
6. Instalment payment plan
Some lessors will allow tenants to pay off the bond in instalments instead of a single lump sum. If your landlord agrees, you can make partial payments online through the RTA Bond Lodgement service.
7. Bond loan
Rental bond loans are designed to help you cover the full or partial cost of your bond payment. Like other types of personal loans, you borrow a lump sum of money and pay it off in instalments over a set period of time.
How to get bond money fast
If you need to make some money ASAP but don’t want to take out a loan there are some fast cash jobs you can pick up. Check out our blog on How to Earn Money Fast to get some quick tips on making money in a hurry.
How long does it take for a bond loan to be approved?
Depending on where you apply, your loan could be approved the same day you apply. For your best chance of a quick approval, apply online, early in the day, and have all your bank statements and identity documents ready to submit.
Same day loans
Same day loans from Swoosh are all about getting you the funds you need quickly. Loans start at $2,200 and can be used to cover the bond money and let you pay it off in instalments over 12 months. There is no early repayment fee, so you can pay it off whenever you like.
