Can’t Afford Rental Bond – What Can I Do?

When you’re looking for a home to rent, the cost of a rental bond can often be one of the biggest obstacles along the way. If your budget is tight, there may not seem like any options available. But don’t give up just yet. Even when it doesn’t feel like you have enough money to pay a rental bond, there are still ways that you can afford one. This way, you can make renting a property an option.

At City Finance, we understand that a rental bond can be a daunting financial undertaking, and we want to help you out. That’s why, if you need it, we offer rental bond loans to help pay the required costs when they come up. By having the right knowledge and exploring the available solutions, you can look forward to making a rental bond payment without overstretching your budget.

Secure a Short Term Loan To Help Cover the Cost of Your Rental Bond

Renting a home or apartment from a private rental market can be an exciting milestone, but it also requires a significant financial commitment. Most landlords require tenants to submit a security deposit, often referred to as a rental bond, before they can move into their new space. Unfortunately, not everyone has the funds available to cover the cost of an entire rental deposit. If you find yourself without the necessary funds, you may wonder what to do.

One option is to secure a short-term rentstart bond loan from a trusted lender. This type of loan can help cover the cost of your rental bond, allowing you to move into your new home or apartment sooner rather than later. In addition, short term loans are typically interest free bond loan than other types of loans, and they can be paid off quickly with affordable payments. At City Finance, we can provide help with the funding of up to $5,000 for rental bond payments.

How Much Can Bond Be Taken in Australia?

When entering a tenancy agreement, the bond money is required to be collected by the property manager/owner. The maximum bond amount for general tenancies is four weeks of rent as long as the weekly rent is $700 or less. For rents greater than this amount, bond amounts should be discussed between the tenant and the property manager/owner. It may also require additional financial assistance. Determining an appropriate bond amount ensures both parties have peace of mind knowing that the agreement is secure.

Other Information You Need To Know About Rental Bonds

Rental bonds are also known as security deposits and serve to protect landlords against tenant damage or nonpayment of rent. Knowing the laws and regulations that surround rental bonds is essential. Failing to meet them could mean you will be out of pocket at the end of your tenancy.

Here is what you need to know about rental bonds:

Your Rental Bond Depends on Your Australian Location

Knowing your relevant bond authority is essential if you are looking to rent a property in Australia. Depending on your location, the amount of money that must be paid as a bond can range from four to six weeks’ worth of rent. It is important to be aware of relevant state laws and the bond authority in place that governs rental bonds. It is because all states have different regulations which affect the amount of money required. Understanding these regulations will ensure there are no problems during the leasing process. It also ensures your hard-earned money is protected for years to come.

Timeframe for Refunds that Differ According to State

Rental property owners need to be aware of the timeframe for rental bond refund across different states. In any rental circumstance, the landlord should take prompt action to return a tenant’s bond when they vacate the rental property. With varying requirements in place, landlords must familiarize themselves with relevant state laws and regulations with respect to bond refunds. By being proactive and consulting with the local tenancy authority, rental property owners will ensure that they comply with all applicable legal requirements within the designated time frame. This will help them avoid any potential disputes with the tenants.

Using an Online Rental Bond Service

Working with a rental bond service is an easy way for tenants to meet the financial security expectations of their landlords. An online platform ensures that rent payments are secure and allows the user to add funds to their account from any bank or credit card. This adds convenience when paying rent or submitting the proposed tenancy agreement in full. A rental bond service also provides an accessible alternative for tenants who are unable to provide the full amount of a rental bond payment upfront for their bank account. You can easily use the online platform to spread out payments into smaller, more manageable amounts.

Seeking Financial Assistance

With the housing crisis continuing to impact Australians, many tenants become overwhelmed by the cost of rental bond payments that they require in order to move into a property. But there is help available. At City Finance, we understand that seeking financial assistance can be stressful and complicated. So our professional team is here to provide guidance on the best option for your rental bond needs, whether it’s rent assistance or a state bond loan. With these options in place, all tenants now have an alternative source of support to cover their housing costs.


Renting can be financially challenging when you cannot afford the upfront costs of a rental bond. Fortunately, several options are available to help you secure the financial resources needed. However, make sure to carefully evaluate each option and do your due diligence when researching lenders or housing programs. Doing so will ensure that you make the best decision for your financial situation. With these strategies in mind, finding a safe and affordable place to live is possible. Just remember to take the time to explore your options and ask for help when you need it. Good luck on your search!