If you are currently living in Victoria and wish to move out of home but can’t afford to pay the bond on a rental property, you may be eligible for a loan under the Victorian Government’s Bond Loan Scheme.
What is a bond?
A bond is a security deposit that most landlords will ask for at the start of a lease in case you damage the property during your tenancy or leave owing rent.
The bond money is held by the Residential Tenancies Bond Authority (RTBA) and it’s repaid to you in full at the end of your lease unless you have damaged the property or there is unpaid rent owing to the landlord.
What is the Bond Loan Scheme?
The Bond Loan Scheme offers interest-free loans to tenants in Victoria who meet the eligibility criteria found here to enable them to pay a rental bond.
When/how do I repay the loan?
The full bond loan amount must be paid back at the end of your tenancy, even if your landlord is entitled to keep some of the bond.
The bond will be recovered on your behalf from the RTBA by your landlord or estate agent. You will only be involved if your landlord keeps part of the bond due to property damage or unpaid rent and you are required to pay the difference.
Other information
The Bond Loan Scheme can only be used for rental bonds. The loans cannot be used for rent or moving costs.
For more information or to apply, click here.