Moving into a new rental property can be a challenging time at the best of times. Flexibond (www.flexibond.com.au) takes the stress out of securing a new tenancy, by allowing you to spread the cost of your rental bond over a number of flexible payment options.
Flexibond supports tenants, landlords and property agents alike to make the rental process as seamless as possible. With Flexibond's payment solutions rent the property you want today.
Flexibond helps tenants solve the following types of issues:
When you rent a property the landlord requires that a rental bond (also known as a rental or security deposit) be posted as a form of security. The rental bond is required to be posted in the form of money to protect the real estate owner for the performance of the tenancy agreement. The rental bond protects against things such as a failure of the tenant to pay rent or damage to the property.
The rental bond is paid at the beginning of a lease and is held for the duration of the tenancy agreement. Once the lease expires and the landlord or real estate agent confirms there is no damage to the property, outstanding rent or other expenses to be covered, then the residual rental bond is returned to the tenant. This process can take up to a few weeks to complete, so it is important that tenants have budgeted for the time it takes to have their rental bond payment successfully returned.
The size of the rental bond is linked to the amount of periodic rent for the property in question (which is in turn related to the value of the property). The amount of the rental bond required for a property is typically 4 weeks of rent, however depending on the value of the property and state specific legislation the size of the rental bond can vary considerably.
Australia wide the size of the residential rental bond market is considerable, with annual bonds posted to the tune of hundreds of thousands of individual bonds, representing billions of dollars in yearly payments. Both the size of rental bonds and the regular incidence of disputes between landlords and tenants, means that this market is protected by government regulation specific to each state. This regulation determines the manner in which the rental bond is paid, the safe custody of these funds by a government service and how the rental bond is repaid to the tenant.
For more information on rental bonds or to secure rental bond finance contact Flexibond today.
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