Basic Requirements
When applying for bond loans, it is checked and confirmed whether you are a registered owner (either in part or full) of any residential properties within Australia. You also should not own a caravan, live-aboard boat or mobile home within the country. You should be living in other premises and not the one that you are applying a bond loan to pay its rental loan. Unlike personal loans where your cash savings will get you a better loan; application for a bond loan requires that you have less than $2500 in saving.
Further Requirements
Requirements for application of bond loans stipulate that you do not get a property which has its rent over 60% of your gross weekly income. This ensures that you will be able to repay the loan just as like how lenders check your payslip for cash loans. There are limits on what amount you can get for your bond loan and their suitability for an individual or family. Be sure to check the income limits for rental grants and bond loans.
Choosing your Property
The basic requirements that an individual needs to meet to qualify for bond loans are comparable to the requirements for instant cash loans. First, you need to be an Australian citizen and if not, you should have permanent residence or a bridging visa. The second thing that the financer will check is whether you have outstanding loans with the Department. For you to qualify to apply for a bond loan, you need to have cleared all your previous loans with the Department.
