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Rental Bond Loan FAQs

1. What is a Housing Bond Loan?

A personal  loan that is for bond and rent in advance or to cover moving costs is called a bond loan. The bond loan funds are transferred to you and, importantly, when you vacate the premises the money you borrowed and paid to the real estate agent/residential tenancies authority is repaid directly to you.

 

2. I have bond money coming back to me so can I pay off the Bond Loan early?

Yes – and you get to save on interest that you would have normally been charged for the remainder of the loan.

 

3. Can I get pre-approval for my bond loan?

Yes. We can pre-approve your bond loan so that you can find a property, sign the lease and organise to move with the knowledge that you have access to the required funds.

 

4. The lease will be in multiple names but only I want to borrow money – is this okay?

Yes. Whether you are moving in with others or moving out from others we can provide a quick cash loan as long as the details of the new lease can be verified.

 

5. Are there Government run bond loans?

Yes. Contact your relevant State Government office to find out the eligibility criteria and loan limits that apply.

 

6. Can I get a rental bond loan if I have bad credit?

Yes, bad credit bond loans are possible. However credit providers have their own set of credit criteria loan application outcomes will vary lender to lender. If you have “adverse items” (e.g. a credit default) on your credit file, your application will not be automatically declined through HousingBondLoan.com.au so you can still apply with us even with a credit default.

We endeavour to understand your current set of circumstances and approve the right size cash loan for you. We believe in assisting you to develop a positive credit rating with us so that when you need money in the future you can access it quickly and easily through us again.

 

7. Will I pay less interest if I payout my bond loan contract early?

Yes.  Interest charged depends upon the time that has passed since you borrowed the money.  Any cash loan written through HousingBondLoan.com.au does not attract an early termination charge and other fees. On the contrary, your demonstration of your ability to repay improves your credit standing with HousingBondLoan.com.au.

 

8. How can I find out my bond loan payout figure?

Write to your credit provider at any time asking for a statement of the bond loan payout figure as at your specified date.  You may also ask for details of how this amount is made up. Your credit provider must give you the statement within 7 (seven) days after your request is received by them.  However, at HousingBondLoan.com.au, we try to send your statement by email or fax before the end of the next working day.

9. Can I get a cash loan after I have paid this one out?

Yes. After finishing your rental bond loan and establishing a positive credit history you will be able to apply for a new personal loan through Fair Go Finance, even if the amount is different to previous applications. Our response time will be at least as quick as the first loan.

 

10. Why have I been declined for a rental bond?

Loan providers may refuse a cash loan application for various reasons. Check your credit file as a first step to identify any problems, which might include:

  1. Adverse items on your credit file such as Defaults to other finance companies.
  2. Incorrect information on the file
  3. Someone is using your identity to illegally obtain credit and has defaulted on the payments.

Insufficient evidence to support your repayment schedule might also affect your cash loan application outcome.

11.If I want to pay it back sooner can I?

Yes, the terms of our loans mean that there is no penalty or charge for paying out early and you save a considerable amount of money by doing so. If you repay in full within two months you will receive a refund of one half of the establishment fee and only pay interest to the date of repayment.

12. Why am I paying back more than the interest?

Consumers should understand the Total Cost of Credit prior to taking a loan. The total cost of credit is the combination of the interest rate, establishment fee and any other “ascertainable fees”. The total cost is not just the stated interest rate, but the stated interest rate plus any compulsory fees. On the range of personal loan sizes offered by Fair Go Finance, the loan establishment fee and interest rate varies depending on the loan amount you borrow and your Credit Consultant will discuss this with you prior to finalising your loan approval. If you are unsure about the total cost of credit please discuss this with your Credit Consultant.

13. Why would I pay it back early?

  • Saving on interest – you only have to repay the interest charged to your account up until the day you pay out the loan.
  • Establishing a repayment history by showing that you can sustain a certain repayment amount each week, fortnight or month will most likely be interpreted positively by Fair Go Finance, or other lenders, on any future credit application.
  • Ability to access credit again sooner – by having repaid a loan will be in a position to apply for a new loan with Fair Go Finance.

Online service to supply your bank statements/transaction history

We’re making loan applications easier and more convenient for you! We’ve introduced a new, free service called Bank Vision so you can provide your bank statements online – say goodbye to faxes and emails*! It means processing will be more efficient and you’ll get a decision quicker than ever.

Q&A

1. Why do you ask for my internet-banking details?

By inputting your details we are able to view your bank account history. This helps us make our lending decisions quickly, and assess what types of loans are affordable and sustainable for you. As a responsible lender, it is important for us to verify your incomings and outgoings. Ultimately, this will help us ensure that the loan is not unsuitable for you and you can make the repayments due under the loan. We may use future transaction information to quickly assess your future loan applications. Perfect Data Solutions Limited and Yodlee are only permitted a read-only access to your current account, so will only ever be able to view the recent transactions on your account. Your bank details are encrypted in transit and stored securely by Yodlee. We do not have the ability to change any of your banking details, set up direct debits or to manage your account in any other way. All data is securely handled in accordance with the Privacy Act (1988) (Cth) and our privacy policy and PDSs privacy policy which can be accessed here http://www.bank-vision.com/documents/termsandconditions(australia).pdf

2. Who sees my internet banking log-in details?

No person can access your internet banking details. When you enter your banking credentials on our website they are  immediately encrypted. The encrypted details are then passed by Perfect Data Solutions Limited to Yodlee. They are stored in a highly secure data centre which has a single use, which is to generate a read-only data-feed which we will use to assess the affordability of the loan.

3. What happens to my internet banking details after input them on your website?

As an organisation, security of data and prevention of fraud are fundamental to us. We are committed to using practices to ensure that our services are provided within a secure environment. Your internet banking details are encrypted and held securely by our professional service providers and are encrypted. Our partner, Perfect Data Solutions Limited, Yodlee and us, are permitted read-only access to your current account, so will only ever be able to view your account. We do not have the ability to change any of your banking details or set up standing orders/direct debits. All data is securely handled.

4. What happens to the bank statements you obtain?

They will be used to make lending decisions about you and stored by us as long as necessary to assist us in managing your credit and assessing future applications for credit. Your bank statements will be stored by Perfect Data Solutions Limited and Yodlee. Yodlee may use, disclose, sell, license, reproduce or distribute your Data and Transaction Information in statistical and aggregate form that does not contain Personal Information.

5. What will my bank say about me inputting my log-in details into your website?

We would recommend that you review the Terms and Conditions of your internet banking provider. Before you decide to submit your baking credentials, we would stress that security is of paramount importance, we would especially mention that:

  • Your data is encrypted in transit;
  • We do not have any functionality over your bank account; and
  • We only have access to a read only service

However, you understand that allowing PDS and Yodlee to access your Transaction History is at your sole risk. As a result of you providing your internet banking details to a third party account aggregation service such as Yodlee, you may become liable under your bank’s rules for any subsequent unauthorized transaction that occurs to your bank account.

6. Do I have a choice to not provide my internet banking details?

Yes, you may provide us with a paper copy, or PDF of your bank statements. This will take longer for us to receive, so we cannot process your loan as quickly. You will also need to provide us with updated bank statements next time you apply for a loan.

7. Who should I speak to if I have questions?

If you have questions or concerns, please call us at Fair Go Finance 1300324746 or for further information on +61 (0)8 95352122, or send us an email info@fairgofinance.com.au. Alternatively, you may contact PDS on info@lendingmetrics.co.uk or Yodlee via PDS.

 

Rental Bond Loan FAQs
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