Rental property website Rent.com.au has announced changes to broaden the appeal of its flagship bond payment product, adding a new interest-free and fee free period to give renters some cash relief when moving between properties.
Highlights for property managers:
- The 21-day interest-free period means renters can fund their new bond at no cost, while they’re waiting on their previous bond to be returned.
- If they repay the full amount within 21 days (for example, when they’ve got their previous bond back), then they will not be charged any interest or fees.
- All successful applicants will have passed affordability and credit checks.
- No extra paperwork or processes required from the property manager.
- Option to pay the bond directly to agent’s trust account, to the relevant bond authority or the renter.
Rent.com.au CEO Greg Bader said trying to synchronise paying for your new bond whilst waiting for the return of your old one is near-impossible for many renters and can place extra pressure on the agents.
“In many cases, people need to pay their new bond before they’ve completed the exit process from their last property,” Mr Bader said.
“Our new RentBond 21-day interest-free period is the perfect solution – it lets them secure their new place and pay us back when their bond is returned, helping take the time pressure off all parties, and no interest and no fees attached.”
The bond payment solution is just one of rent.com.au’s products and services that make the renting process easier for agents, tenants and landlords. RentBond helps renters cover their bond and moving costs (up to $10,000) while they’re waiting for their bond refund from their previous rental.
According to Mr Bader, the new interest-free feature has the potential to change how people manage their money during their move.
“It fits with our goal of simplifying the moving process. RentBond is perfect for the savvy renter who carefully controls how and when they pay,” he said.
“It can help with the ‘cash squeeze’ if you’re still waiting on the old bond to be returned but need to secure that new dream property.
“From real estate agents’ perspectives, it guarantees bond payment on time, with payment made directly to an office trust account, the bond authority (where applicable), or transferred from the applicant themselves.
“This means the agent has the security of knowledge that the bond is covered.”
Renters can use the RentBond product to finance a wide range of moving costs and repay within the first 21 days to avoid any interest or fees.
If, after the 21 days they choose to keep the loan active, it converts to a standard RentBond loan and can be repaid in easy, equal instalments, which can be synced to their payment cycles over the lease term.
