Rentstart Bond Loan: managing your payments

What is a Rentstart Bond Loan?

Homes NSW may be able to assist you with a bond loan of up to 100% of your rental bond to set up a tenancy in the private rental market.

The loan is interest free and repayable to Homes NSW. Any payments you make will be returned to you at the end of the tenancy as long as there are no claims made by the real estate agent or landlord.

When will I make my first payment?

When your real estate agent or landlord lodges the Rental Bond Lodgement form with the Rental Bond Board, Homes NSW will set up your loan account. Your payments will start approximately 3 weeks from this date.

We will send you a letter advising you when your payments will start.

You can find more information about payment options online.

What do I do if I miss a payment?

If you miss a fortnightly bond loan payment you should make the payment as soon as possible. You can do this through the DCJ website, via the MyHousing Online Services or by using the MyHousing app.

If you cannot make the payment, contact us to make other arrangements.

If you do not contact us if you miss a payment, you will be in breach of the Bond Loan Agreement and Homes NSW will take action to recover any missed payments.

What if my circumstances change and I cannot afford the repayments?

If you are experiencing a change in circumstances, Homes NSW may be able to reduce your fortnightly payments or extend your overall payment period. This means if you are repaying your loan on a 12 month payment plan you will be offered an 18 month payment plan.

If you are in extreme financial hardship and your tenancy is at risk, we may agree to defer your bond loan payments for a short period.

If you cannot afford your payments you should contact us to discuss your options.

Will my access to other assistance be affected if I am not up-to-date with my bond loan payments?

If you are not up-to-date with your bond loan payments, Homes NSW may suspend your access to further Rentstart assistance, which includes a second bond loan, advance rent and help if you get behind in your rent. However, this will not affect your eligibility for other products and services, such as Tenancy Facilitation, Private Rental Brokerage, Temporary Accommodation or your position on the NSW Housing Register.

What happens if my tenancy ends before I have paid off my loan?

At the end of your tenancy, any payments you make will be returned to you if there is no claim made by the real estate agent or landlord. For example, if you have repaid $200 off your loan and the real estate agent or landlord claims $100, you will receive $100 back from Homes NSW.

However, where the real estate agent or landlord’s claim is more than what you have paid off the loan, you will continue to have a debt to Homes NSW that must be repaid. For example, if you have repaid $200 off your loan and the real estate agent or landlord claims $300, you will owe Homes NSW $100.

Do I need to repay the loan in full before I am eligible for another bond loan?

Homes NSW will allow you to have up to two bond loan debts at the one time in case you need to move to another property before the first loan has been repaid. However if you have two bond loan debts, you will not be eligible for assistance with a third loan. If you have a bond loan debt, and you are approved for a second loan, Homes NSW will ask you to continue repaying the first bond loan. When you have finished repaying the first loan, payments will start on the second loan.

Can I make extra payments off my loan?

You will be able to make extra payments off your loan at any time. You can do this using BPAY through DCJ website via the MyHousing Online Services or via the MyHousing app on your mobile phone.

Any extra payments you make will not change your fortnightly payments, but will reduce the amount you owe on your loan. This means you will repay your loan quicker and Homes NSW will advise you when this happens.

How do I find out the balance of my account?

You will receive a quarterly account statement in the mail. For an up-to-date account balance, you can log on to your MyHousing account or the MyHousing app on your mobile phone. You will also receive a quarterly account statement in the mail. Alternatively, you can contact us.

What if I disagree with a decision made by Homes NSW?

If you believe we made the wrong decision, you should first discuss your concerns with a client service officer. You can also ask to have the decision reviewed. To do this, fill in the review of decisions form available online or at your local Homes NSW local office.

For more information, see appeals and reviewing decisions.