Have you thought about getting is a rental grant or a bond based loan? If that is the case you should know clearly about what it means and how you can be eligible for applying for these financial services. Here is a brief guide to a few things that you should know about them.

What Is It?

A loan on your bond is usually interest and fee-free and will cover your bond when you are moving into private and rented accommodation. For example, Rental bond loans offer a credit amount of up to four week maximum in rent and have to be repaid on time. They are only available to you if you meet the eligibility criteria as well. A rental grant on the other hand is a one-off two weeks’ worth of rent that will help you pay the cost of moving into privately rented accommodations. Usually, a grant is offered to people who are living in a housing crisis and you should once again meet the eligibility criteria.

Are You Eligible For The Loan?

If you are looking for credit on your bond you must meet several criteria; you are not living in the property currently if the loan is needed on the same property, you are an Australian citizen, a permanent resident or you have a bridging visa, you are not a home-owner or co-owner of a home, caravan, living aboard boat, mobile home or have any household utility connections. You will also have to prove that you have less than $2500 in savings or in any kind of cash between you and all other applicants except for dependents. You should not have any outstanding debts. You should have also chosen a property where the rent will not surpass 60% of the total gross weekly salary of all main applicants and you must meet the current and valid income limits.

Are You Eligible For A Grant?

If you are thinking about a grant you must meet all of the conditions mentioned for the loan above and you must not have received a rental grant before. You should also be able to prove that you have lived in 28 days or more of homelessness or in accommodation provided by a homelessness service. You must apply for the grant within 3 months of leaving such accommodation. You have been staying in a correctional facility or hospital for at least 28 days and you have applied for the grant within 3 months of being released. You are leaving child protection services, you or a member of your family is escaping domestic violence, you are homeless or at risk of becoming so.

Repaying Your Debt

Remember that while you may be in a sticky situation, once you have received the loan you should remember to repay it on time. If not you will be breaking the law and the conditions of the agreement that you had when you received the funds that were needed for your housing situation. If supposing that you have genuine trouble making the repayment seek help from the financial institution and be honest about your problem. They will try to help you with time if it is possible according to where you are based in and the conditions of your agreement.