$3,000 - $25,000
Rental Bond Loans
Fast and simple loan to make rental bonds and moving expenses simple.
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Our Personal Loans can help you pay for rental bonds and other moving costs in Victoria.
*Subject to lending criteria, T's and C's'
*Subject to lending criteria, T's and C's'
A rental bond is a security deposit paid by renters to either the property manager or the landlord at the start of a tenancy agreement. Rental bonds can cost thousands of dollars if they're not split between multiple people and usually need to be paid upfront.
A Rental Bond Personal Loan with Jacaranda Finance can allow you to pay that deposit quickly without dipping into your hard-earned savings. Instead, you can repay a loan from $3,000 over manageable instalments starting from 25 months.
We know how important it is to receive your funds in a timely manner. As a hard-working Australian, you don't have time to waste on needless paperwork.
That's why Jacaranda Finance makes applying for a Personal Loan to cover rental bonds and moving expenses simple with our fast, 100% online application.
Check if you qualify without affecting your credit score today.
Known for its bustling lifestyle and delicious coffee, it's no wonder many people choose to settle down in Victoria's capital Melbourne.
According to the Domain Rental Report for March 2024, renting in Melbourne is surprisingly not too expensive:
That’s actually below the average rent compared with other capital cities. The average weekly rent for houses and units in the combined capitals was $630.
Though Melbourne is still one of the most affordable capital cities to rent in, rent is still quite expensive, making rental bonds quite expensive, too.
In most cases, a rental bond in Victoria cannot be more than one month's rent. In other cases, a rental provider can ask for a higher bond amount when either the weekly rent for the property is more than $900, or the Victorian Civil and Administrative Tribunal (VCAT) sets a higher bond. The latter could be pursued due to the character of the property or the quality of fittings and furniture.
To give an idea of how much this could cost, we’ll use the average weekly rent for both units and houses of $560. Multiplied by four weeks for a bond payment, the typical bond in Victoria could cost $2,240.
Some property managers or landlords also ask for two weeks' rent in advance for extra security on top of the bond. This would amount to $3,360 in total—quite a hefty lump sum, even when split between two or more tenants!
To alleviate some of the pressures of moving, consider applying for a Personal Loan with Jacaranda Finance. Our loans range from $3,000 all the way up to $25,000, which could be more than enough for you to pay your bond, moving costs, and anything in between to get settled.
See below for more detailed information on rental bonds and Rental Bond Loans in each state/territory.
Unsure about how the bond process works as a renter in Victoria? We've compiled some key pieces of information that may answer your questions.
Refer to the resources tab at the end for official sources of information when it comes to paying a rental bond in Victoria.
In Victoria, only the rental provider, property manager, or landlord can lodge a bond on behalf of the tenant. A tenant is required to send the bond to the appropriate party, who will then lodge the bond through the Residential Tenancies Bond Authority (RTBA). The tenants will then be notified of the transaction.
The bond will be held at the RTBA for the entirety of the rental agreement. When the tenancy has ended, it will be transferred back to the tenants unless the rental provider claims it for any reason.
A rental provider, property manager or agent will do a final inspection at the end of the rental agreement. The condition report should be used to compare any changes to the property during the agreement.
If everything is in order, the bond claim can be initiated. Bond claims can be started by either the rental provider or the renter, though the rental provider or agent typically initiates it. The bond will usually be paid out within one business day when the rental provider uses RTBA Online.
Rental bonds are refunded to the tenants unless the rental provider makes a claim for compensation. Reasons for claims include:
Rental providers cannot claim bonds for fair wear and tear and can only start the claim once everyone has agreed on how the bond should be divided. They must start claims within 10 business days of the rental agreement ending.
If a landlord and renter cannot agree on how to split the bond, either the renter or rental provider can apply to VCAT for a hearing. VCAT will hear the case and decide how to divide the bond.
Rental providers may also apply to VCAT to claim compensation that exceeds the bond amount, which will incur a fee.
The go-to governing bodies for renting in Australia are Consumer Affairs Victoria and Residential Tenancies Bond Authority.
Tenants Victoria is a union for Victorian tenants and a resourceful website with information about housing, rental laws and tenancies in general.
Our loans are designed to be fast, fair, and, above all, affordable, with no hidden fees. See the table below for a quick guide to our charges, or visit our fees page to learn more. For detailed information about who our products are designed for, please review our Target Market Determinations.
Worried about being denied a loan? No stress! At Jacaranda Finance, QualifyCheck lets you check if you qualify without affecting your credit score!
Making all your repayments to us on time could steadily improve your credit score and positively impact your ability to get credit in the future.
Worried about being denied a loan? No stress! At Jacaranda Finance, QualifyCheck lets you check if you qualify without affecting your credit score!
Making all your repayments to us on time could steadily improve your credit score and positively impact your ability to get credit in the future.
A personal loan is a fixed-term loan that allows you to borrow a set amount of money and repay it through regular instalments. Our online application process is designed to be fast and straightforward. Repayments remain consistent throughout the loan term so you can plan your budget with confidence.
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By submitting a full application for a personal loan, you are authorising a hard credit check. This means that other lenders will be able to see that you applied for a loan and could impact your credit score. Before you submit a full application with Jacaranda Finance, you can check if you qualify with no impact on your credit score*. This is called a soft credit check, and is only visible on your credit report to you.
How to check if you qualify for a secured personal loan?
If you’re considering applying for a loan with Jacaranda Finance, you can check if you qualify with no impact on your credit score*.
No, checking if you qualify uses a “soft” credit check meaning it does not impact your credit score or appear on your credit file to anyone but you. We recommend checking your eligibility before applying for a loan where possible to reduce the number of applications on your credit report.
To be assessed for a loan from Jacaranda Finance, you must meet the following basic eligibility criteria:
If you are unsure whether you’re eligible, you can check if you qualify with no impact on your credit score*.
We offer two main products at Jacaranda Finance:
For detailed information about who our products are designed for, please review our Target Market Determinations. Our Loan Repayment Calculator and our guide to Jacaranda Finance’s interest rates & fees could help you to predict your repayments before applying.
Using our loan repayment calculator you can estimate your repayments before applying.
Missed Payment Fees
For every missed payment, a fee will be applied. This cost is added to the account balance and can be paid with the next repayment cycle. If you’re concerned you’ll miss a repayment before the next due date, please contact our customer support team as soon as possible.
You can pay your loan back at any time at no extra cost. That means no early exit or payout fees.
Once you’ve been approved and have accepted your loan contract, we’ll automatically attempt to release the money to your account. Most customers get paid in 60 seconds3.
