Eligibility for a Bond Loan:
To qualify for a Rentstart Bond Loan, certain criteria must be met. You should be eligible for social housing and have cash assets below $5,000. Additionally, you need to demonstrate the ability to sustain a private rental tenancy, with the property rent not exceeding 50% of your household's total gross weekly income. For those experiencing domestic or family violence, the social housing income eligibility requirement can be waived.
For a quick assessment of your rental affordability, you can use the Rentstart Bond Loan Affordability Estimator. However, the final eligibility will be confirmed once you submit a full application.
Application Process:
Applying for a Rentstart Bond Loan is straightforward. Eligible applicants can apply online any time using the Rentstart Bond Loan online form, or they can choose to download the application from the DCJ website. Completed paper applications can be delivered in person or sent via fax or email to Homes NSW. Be sure to fill out all sections and include the required documentation to ensure seamless processing.
How the Bond is Paid:
Once your application is approved, Homes NSW sends a Rental Bond Lodgement form to your landlord or real estate agent. Once signed and returned to the Rental Bond Board, Homes NSW's bond contribution will be transferred accordingly. Homes NSW remains a stakeholder in the bond throughout the tenancy, which means the bond cannot be transferred between properties or to another person's name.
Payment Plan Details:
Loan repayments are structured on a 12 or 18-month plan, based on a percentage of your income dedicated to rent. In some exceptional cases, a 36-month repayment period is possible. If you receive a Private Rental Subsidy, the repayment calculation considers the subsidy as well.
Payment Methods:
If Centrelink is your main income source, we recommend using the Bond Loan Deduction Scheme for automated payments. Other income sources can use BPAY or the DCJ website for making payments.
Missed Payments and Loan Adjustments:
If you're unable to make a payment, contact the Housing Contact Centre promptly. Payment variations might be applicable under certain circumstances like income changes or unexpected expenses.
Receiving Your Money Back:
Provided the loan is fully repaid by the end of your tenancy, you can claim your bond back from the Rental Bond Board. If the tenancy ends prematurely and the loan isn't fully repaid, Homes NSW retrieves the bond, returning your payments minus any claims after landlord or real estate inspection.
Terms and Conditions:
Understanding the legal obligations of the Bond Loan is crucial. Homes NSW encourages you to seek independent advice if needed. If, after accepting the loan, you change your mind, coordinate with your landlord and contact Homes NSW to cancel the loan. Keep in mind that if the bond is already lodged, the loan requires repayment.
Shared Tenancy Arrangements:
For shared tenancies, Homes NSW can assist with your share of the bond. However, one person must take primary responsibility for the Bond Loan Agreement.
Disputes:
Should you disagree with any decision made by Homes NSW, you can discuss your concerns with a client service officer or request a review using the appropriate forms available online or at local offices.
For more information or assistance, contact the Housing Contact Centre at 1800 422 322.