What is a Bond Loan?
A Bond Loan is an interest free loan for people who cannot afford to pay a full rental bond to move into private rental accommodation.
How do I know if I am eligible for a Bond Loan?
You may be eligible for a Bond Loan if you meet all of the following conditions:
- You are not currently living in the premises for which the Bond Loan is required.
- You are an Australian citizen, permanent resident, have a temporary protection visa or possess a bridging visa.
- You meet the current income limits income limits .
- You do not own, or part-own:
- a residential property, or
- a caravan, mobile home or live-aboard boat, any of which are permanently connected to normal household utilities.
- You meet the current cash and savings limit - combined for all household occupants not including dependents ($2,500).
- You do not have any outstanding debts with the department.
- You choose a property where the rent does not exceed 60% of the total household gross weekly income.
For applicants under the age of 18, please contact the department on 1800 880 882 for more information.
How do I apply for a Bond Loan?
To apply for a Bond Loan, you will need to complete one of the following forms:
- Application for Private Rental Assistance.
- Offline version: Application for Private Rental Assistance .
You will also need to provide the department with proof of your income. Please complete the relevant forms for each applicant:
For incomes other than Centrelink/Veterans' Affairs payments and/or wages, the following proof of income is acceptable:
- Work Cover payment advice letter or payment slips
- written statement from a superannuation company
- a letter from the Child Support Agency outlining child maintenance payments
- a letter from a registered accountant stating the applicant/s income details, or
- last year's Tax Assessment Notice from the Australian Taxation Office for self employed applicants.
What do I need to supply with my application?
You will need to provide:
- Application for Private Rental Assistance
- proof of income for each applicant
- at least two forms of identification for each applicant (appropriate forms of identification are listed at section 4 on the Application for Private Rental Assistance)
- proof of Australian residency status for each applicant, and
- proof of current address for each applicant.
How will I know if my Bond Loan has been approved?
The department will contact you when your application has been approved or declined. If it has been approved, you will receive a copy of your Bond Loan Agreement, an approval letter and the Bond Lodgement Form (Form 2C for general tenancies or R2C for rooming accommodation). In some cases, these documents will be sent directly to the lessor or lessor's agent of the property you wish to rent.
How is the rental bond paid?
When you move into your home, the lessor or lessor's agent must lodge Form 2C or R2C with the Residential Tenancies Authority (RTA). Once the RTA has processed this form, they will advise the department and the rental bond will be paid directly to them.
How do I repay my Bond Loan?
The department offers a number of ways for you to repay your Bond Loan. The methods include EasyPay (Centrelink's Rent Deduction Scheme), a repayment card that can be used at any Australia Post office, automatic payments, cheque/money order and BPay, which is a bill paying system using the internet or telephone banking. You will find details of the department's Biller Code number and your reference number printed on your Bond Loan payment card next to the BPay logo.
Contact your local Housing Service Centre for more information.
Do I have to establish EasyPay to repay my Bond Loan?
If you receive a Centrelink payment, other than Family Tax Benefit A or Family Tax Benefit B, you must complete the EasyPay Deduction Authority for Bond Loan Payments form as a condition of your Bond Loan application.
Contact your local Housing Service Centre for more information.
How do I arrange for a refund of my rental bond?
When you move out of your home, you will need to lodge a Refund of Rental Bond Form (Form 4 for general tenancies or Form R4 for rooming accommodation with the Residential Tenancies Authority).
These forms are also available from any Australia Post Office.
How often can I apply for a Bond Loan?
There is no limit to the number of Bond Loans you may apply for and there is no waiting time between repaying one Bond Loan and applying for another. However, you will not be eligible for a Bond Loan unless you have repaid all previous assistance from the department.
More information
A printable version of the above information is available from the Bond Loans Fact Sheet Bond Loans Fact Sheet .
For more information, see the frequently asked questions for existing Bond Loan clients or information for lessors or lessor's agents.
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