Before you can move into a given property, there are several things that you will require. For starters, you will need to have the rental property painted with your preferred colour. You will also require any problem fixed before you can move in. The property manager or owner will also require you to pay a housing bond. Since this can be a lot of money, you may need to save up for a couple of months or take out a small loan. Most property owners and managers usually require the equivalent of four weekly rents as the housing bond, but others may demand more.

It is important to note that the bond is fully refundable if you leave the rental unit the way you found it. In case of any damage, however, the cost of repairs will be deducted from the bond. If you need a housing bond loan, there are several key factors you will have to consider when comparing lenders. They include:

Processing Speed

Once you have found the perfect place to call home, you cannot afford to lose it to someone else who was ready to pay the bond. That is why you should only consider lenders with an impressive loan processing and disbursement speed. The ideal lender should offer instant approval and disburse the funds within the hour or in a few hours. It is important to note that the top lenders usually disburse funds instantly when the application has been approved.

Interest Rates

Since every lender you find will quote a different rate of interest, it is crucial you spend some time checking the fees and interest rates charged by different firms. Some lenders may charge a low-interest rate but charge huge processing fees. Therefore, you have to compare the total cost of borrowing from the shortlisted lenders. This will enable you to make an informed decision.

Loan Limits

If you want to rent an expensive house, you will need a huge housing bond loan. Since every lender has a maximum loan amount they can advance for this purpose, be sure to look for lenders that can accommodate your needs. Fortunately, most lenders usually publish all the information consumers may need on their website.

It is imperative you take your time to scour the web for the best lender. Ideally, you should not pick a lender until you are sure they offer the best loans.