Rental Deposit Loan: Who Qualifies and What You Get
Access an interest-free loan to help cover the security deposit required for your new rental property.
This scheme provides a way to borrow money specifically to help cover the security deposit required when you rent a new property.
Who it's for
To qualify for this support, you must meet specific employment or age criteria. This scheme is available to employees and to students who are under the age of 30.
What you get
The benefit is an interest-free loan. This means the funds provided to pay your security deposit do not accrue interest, helping to reduce the total cost of moving.
What it costs you
While there is no interest, the loan must be repaid. You will need to manage your budget to accommodate repayments over a period of 25 months.
The catch to know
Timing is critical for this scheme. You must ensure that you complete your application within 2 months of signing your lease to be eligible for the loan.
How to apply
- Verify that you meet the requirements regarding employment or student status.
- Check that your lease has been signed within the required timeframe.
- Visit the official website to start your application.