Can i get a bond loan from centrelink?

Sebastian Jacobson asked a question: Can i get a bond loan from centrelink?
Asked By: Sebastian Jacobson
Date created: Thu, Apr 8, 2021 6:59 PM
Date updated: Fri, Nov 18, 2022 12:45 PM


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To be eligible for a bond loan, your weekly rent cannot be more than 55 per cent of your total gross weekly income. We use the maximum rent assistance from Centrelink that you may be eligible for to calculate whether the rent charged is up to 55 per cent of the household's income.

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You will find that it is not easy to obtain if you are on a Centrelink income. Rental bond loan amounts for the private rental market are usually up to four times the weekly rent. If your rent amount is $500, then that amounts to $2000 which can often leave you with a shortfall. Where else can you seek rent bond assistance?

The loan, which can be up to 100% of your rental bond, is interest free. The payments you make are returned to you at the end of the tenancy if there's no claim made by the landlord or real estate agent. You can apply for a Rentstart Bond Loan, online. Note: Part of the online process will require input from your real estate/landlord.

Bond Loan Plus is an interest-free and fee-free loan to cover the rental bond plus an amount equal to 2 weeks rent for the property you want to rent. The loan amount is a maximum of 6 weeks rent and must be repaid. To find out more, talk to your local Housing Service Centre.

The limitations of instant cash loans for Centrelink claimants. These loans can range from upwards of $300 to $5,000, though eligibility requirements may apply. The bare minimum eligibility is: Some loans offered by lenders will need to be secured against an asset, especially if you are looking to borrow a lot of money compared to your income.

We deal with reputable lenders who primarily want to make sure you can afford repayments. Qualification is usually straightforward as a result. You’ll need to be 18 or over, a resident or citizen, and at least half your income should come from work. You can still get a bond loan on Centrelink, and if you’re self-employed.

If you have already applied for a Bond Loan or Rental Grant. All you need is your application reference number, Bond Loan or Rental Grant number and your date of birth.

To apply online, you need a myGov account linked to Centrelink. If you don’t have a myGov account or a Centrelink online account you’ll need to set them up. You can also apply using your Express Plus mobile app on your mobile phone. Read our online guide to apply for an advance payment using the mobile app.

If you receive an income from Centrelink, we will ask you to make payments using the Bond Loan Deduction Scheme. This scheme allows you to have your payments automatically deducted from your pension or allowance. If Centrelink is not your main source of income, payment options include BPAY or online via the DCJ Housing website.

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