Moving into a new rental property can be a costly affair, especially when you need to cover the bond and rent in advance. Landlords frequently need a one-month security deposit and first-month’s rent in advance in Victoria.
If you are having difficulty raising these amounts, there is assistance available. Find out how to apply for bond and rent help in advance in Victoria, Australia, with the help of this blog post.
Step 1: Assess your eligibility for assistance
To access help with bond and rent in advance in Victoria, you’ll need to meet specific eligibility criteria. Assistance is generally available to low-income earners, government benefit recipients, and people experiencing financial hardship.
Additionally, the rental property you’re looking to secure must be managed by a registered rental provider and have a valid rental agreement.
Eligibility may also be determined by factors such as your credit score and any previous landlord/tenant relationships.
However, many assistance programs typically focus on the financial situation and rental history to decide on eligible clients, so don’t be discouraged if you have a less-than-perfect credit score.
Step 2: Explore available assistance programs
There are several assistance programs available to help you cover the costs of bond and rent in advance, including a security deposit. Let’s take a look at the options:
Bond loan scheme
The Victorian Government offers a Bond Loan Scheme to help eligible renters cover the cost of their bond.This interest-free loan is repaid over a defined length of time, typically 12 to 18 months.
You can file for a bond loan application through the Residential Tenancies Bond Authority (RTBA). Before submitting your application, carefully consider the requirements and collect any supporting materials.
Rent in advance assistance
In addition to the Bond Loan Scheme, there are other options for getting help with rent in advance. Some community organisations and charities offer financial assistance, either as a one-off payment or a short-term loan.
To access this support, you may need a referral from a support agency or can contact the organisation directly.
Community organisations and charities
Numerous non-profit organisations provide support to renters in need. These organisations can offer financial assistance, budgeting advice, and housing support.
Some well-known organisations include the St Vincent de Paul Society, The Salvation Army, and Anglicare. Reach out to these organisations for help or ask your rental provider for referrals.
Step 3: Prepare the required documentation
When applying for bond and rent assistance, you’ll need to present a number of documents to back up your claim. Some of these are:
- Proof of identity (e.g., driver’s licence or passport)
- Proof of income (e.g., payslips or Centrelink statements)
- Rental history (e.g., references from previous landlords)
- Rental agreement or lease documents
- Property condition report (if applicable)
Step 4: Apply for assistance
Once you’ve gathered your documentation, it’s time to apply for assistance:
Online applications
Many assistance programs, including the Bond Loan Scheme, offer online applications. To increase your chances of success, make sure to fill out the form accurately and provide all the required documentation. The residential tenancies bond authority website is a good place to start.
In-person applications
In some cases, you may need to apply for assistance in person. Reach out to your real estate agent, rental provider, or community organisation for guidance on how to apply.
Be prepared with your supporting documents and any additional information they might require to fill out your bond claim form.
Step 5: Secure your rental property
By now, you must have checked the rental market or private rental for a good apartment. Once you’ve received approval for the bond money and rent assistance, it’s time to secure your rental property:
- Pay the bond and rent in advance to your landlord or rental providers
- Ensure your bond is properly lodged with the RTBA source
- Complete property condition reports through a final inspection and other necessary paperwork
Step 6: Plan for future rent payments and bond repayments
With the bond paid and your rental property secured, it’s essential to plan for ongoing rent payments and bond loan repayments:
- Budget for regular rent payments to avoid unpaid rent
- Make timely repayments on your bond loan to avoid penalties and interest
- Plan for moving costs and cash flow management to ensure a smooth transition
More tips
What should I say to get an urgent payment from Centrelink?
If you’re trying to find what to say to get an urgent payment from Centrelink, you can contact Services Australia. Applying for an urgent payment can be a daunting task, but it’s important to remember that there are resources available to help you. Services Australia offers two types of urgent payments: crisis payments and advance payments.
Can I get help with bond and rent in advance if I have a poor credit history?
While your credit history may impact your eligibility for some assistance programs, many focus on your current financial situation and rental history. Explore various assistance options to find one that suits your circumstances and ensure you have no rent arrears.
How long does it take to receive a bond loan or rent-in-advance assistance?
The processing time for bond loans and rent-in-advance assistance can vary depending on the program and your specific situation. Generally, you can expect a decision within a few days to a few weeks.
What happens if I don’t repay my bond loan or rent-in-advance assistance on time?
Failure to repay your bond loan or rent-in-advance assistance on time can lead to penalties, interest charges, and negative impacts on your credit history. It is essential to plan your finances and communicate with your loan provider if you face difficulties making repayments.
