28 September, 2022

Online Rental Bonds: How to Apply

Online Rental Bonds: How to Apply

There’s no doubt that the rental bond process can be the worst part of having to rent a property. Not only is it a stressful and discouraging process, but it can also be a hindering factor for individuals looking to move into their new place. ZeroBonds understands the pressure this places on tenants and has therefore come up with online rental bonds to help assist those looking to obtain a tenancy hassle-free.

What is a bond when renting?

For those unfamiliar with bonds, a rental bond is a sum of money requested by the landlord to be paid at the beginning of the tenancy. It is a form of security or financial protection in the case of a breach in the tenancy agreement – such as when a tenant skips out on paying the rent or causes damage to the property.

What is ZeroBonds:

ZeroBonds is a bond alternative that helps reduce the stress and hassle of renting for tenants, landlords and agents. By applying for a bond online as a tenant, you can eliminate the burden or stress of having to pay a bond upfront – meaning more money in your pockets for more necessary purchases throughout your move.

Those with already existing bonds can also be eligible for online rental bonds, meaning you don’t have to miss out. Existing bonds can be reversed and refunded for a small fee of 14.5% of the corresponding bond amount, allowing you to get the majority of your money back.

How to apply for an online rental bond:

With companies like ZeroBonds, the process of applying for an online rental bond is simple, only requiring a few steps to be followed in addition to a credit check.

Before applying online for a bond, it is crucial to ensure that an agreement has been set in place between you and the landlord, permitting to have a ZeroBonds alternative in place. When agreed upon, you, the tenant, are able to apply online through our website. ZeroBonds conducts a thorough background check covering their credit and rental history, government-issued ID and employment status. In order to become ZeroBonds approved, a credit score of 400 or above is required. If the prerequisites are met during the background check, you will be approved and eligible to receive a ZeroBonds online rental bond.

Usually, if the desired property is listed by a partner of ZeroBonds, you will receive a response within a 24-hour period, whereas most applications will be reviewed within an hour. Once the application is approved, you will be charged a small, one-off $49 approval fee and rather than having to pay the full bond amount, you will only be required to pay 14.5% of the corresponding bond with no additional fees, no interest payments and no upfront bond.

Once these steps are completed, you are able to commence your lease. Once the tenancy is concluded, the process will run the same way as it would if a traditional lease and bond agreement were to be put in place.

Why you should apply for an online rental bond:
  • Gives people the opportunity to access their cash in the state of an emergency through bond reversals
  • Ensures the rental process is smooth-sailing and exciting
  • Gives tenants the opportunity to obtain rentals sooner rather than later
  • Gives people the opportunity to put their money towards more important aspects of your home

The team at ZeroBonds wants to assist in making the rental process an easy, hassle-free, and exciting one. Our rental bond alternatives provide the perfect opportunity for tenants to alleviate some of the expenses associated with renting. Allowing you to cover your security bond for just a small cost, you can move into your new home with extra money in your pocket in case of emergencies or to invest in other areas of your home.

If you’re looking for a rental bond alternative, register for ZeroBonds online rental bonds today.