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Fair Go Finance supports innovation for RENT.com.au - introducing a new interest-free bridging finance product for RentBond

Announcement posted by Fair Go Finance 31 Oct 2019

As a result of collaboration with rent.com.au (ASX:RNT), Fair Go Finance has delivered an innovative product, addressing the cash flow squeeze people have when moving between properties. The transition between properties can be a sizeable outlay and now renters can cover these costs, and when they pay it back within 21 days, it’s completely free of fees and interest.
After announcing their joint venture in June, Fair Go Finance and leading Australian rental property website rent.com.au have continued to deliver new innovations. The new product feature is likely to assist and be relevant to a significant proportion of the 70,000 plus households that move each month.
Greg Bader, CEO of rent.com.au, said, “The WA based fintech company, Fair Go Finance has been instrumental in the further development of financial products, and having the product tested in market before our peak period in the new year was important for us.
“This platform has the potential to change how people manage their money by simplifying the moving process. We know more than half of renters are millennials, they are the generation that has not only whole heartedly embraced the Buy Now Pay Later (BNPL) phenomenon but is driving it. By enhancing our RentBond product to introduce the move now pay later function we are providing a unique offering to address a need in the market today.
“Working with Fair Go Finance means we have been able to integrate our processes and we have a customised solution for our renters, giving them the ability to move without the stress of managing their cashflow. We look forward to continuing to work with Fair Go Finance to develop new ways to meet customer demands,” said Mr Bader.
High-level product features:
  • The new finance feature is designed to help renters cover their costs while they’re waiting for their bond refund from their previous rental.
  • Renters borrow funds to cover their bond, rent in advance and moving costs, and if they pay it back within 21 days, it’s completely free of fees and interest.
  • Should the person repay part of the RentBond loan in the first 21 days, then the establishment fee is reduced proportionally.
  • In addition to the bond and rent in advance, RentBond can also be used to fund moving costs, with payment to the agent and / or direct to the renter as required.
Paul Walshe, CEO, Fair Go Finance says the RentBond feature is an example of how fintech services can take a traditional product (i.e. bridging finance) and integrate it with another fast-growing company’s online customer experience, to disrupt traditional sectors like the rental property market, and deliver a better outcome for the customer.
“The addition of the interest-free period with our risk-based pricing will go a long way to improving the property experience for a large number of renters, as well as helping rent.com.au continue to shape the industry into the future.
“Our team have been working closely with rent.com.au to learn and improve the customer experience by understanding what people need and when they need it. This new feature is reflective of this collaboration.
“The technology behind this function will continue to improve, and we’re excited to be a part of this innovation with rent.com.au,” said Mr Walshe.
RentBond is a credit product, so is subject to the standard Responsible Lending Obligations, but it also provides flexibility for the customer and retailer, with a possible nil cost to either party. A lot of other Buy Now Pay Later (BNPL) offerings have restrictions on retailers or lock in costs to consumers and this offering avoids each of these.
For more information about Fair Go Finance, visit: www.fairgofinance.com.au
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How the interest-free option works (example only)
  • Customer borrows $3,000 and repays it in full before day 21 – the loan is completely fee and interest-free
  • Customer borrows $3,000 and repays $2,000 within 21 days - $2,000 is fee and interest-free, the remaining $1,000 continues as a standard RentBond loan, with fees & charges also reduced proportionally.
  • Customer borrows $3,000 and repays nothing in the 21 days – the loan is treated as a standard RentBond loan with it repaid over, say, nine months. Any balance paid back in the first 21 days will be interest-free
  • For more information about RentBond and eligibility criteria, go to https://www.rent.com.au/rentbond today.
For media enquiries please contact: Zadro Agency
Debbie Bradley, Group Account Director | 0420 761 189 | debbie@zadroagency.com.au
Jessica McLean, Senior Account Manager | 02 9212 7867 | jessica@zadroagency.com.au
Interviews with Paul Walshe, CEO, Fair Go Finance are welcomed upon request.

Paul Walshe, CEO, Fair Go Finance

About Fair Go Finance

Fair Go Finance was founded in 2008 out of a simple vision – to provide market leading online credit for those who weren’t getting a fair go from other loan providers – those looking for someone who would genuinely listen and do their very best to help them go forward. And this vision remains valid today.

Fair Go Finance isn’t your typical, online, small loan company – we’re a passionate and caring team, who are dedicated to helping our customers get much more than just a competitive short-term loan.

Our real passion is partnering with our customers on the journey to greater credit worthiness and ever-increasing financial opportunity through the combination of technology, data and people. The ‘fair go’ philosophy enables us to offer people a way forward that uniquely recognises their individual circumstances and personal needs.

For more information about Fair Go Finance, visit www.fairgofinance.com.au

Greg Bader, CEO, rent.com.au

About rent.com.au:

Focusing exclusively on the rental market for the growing number of renters in Australia (approximately 7 million), Rent.com.au’s mission is to deliver excellent services for renters and all marketers of rental properties. As increasing numbers of Australians choose renting as a conscious lifestyle and investment choice, Rent.com.au is set to become the home for renters with the widest possible choice of homes in one convenient location.
Finding your next home with Australia’s no 1 site dedicated to rental properties has never been easier. Rent.com.au is here to help make the renting journey simpler – no matter which stage you’re at. With access to thousands of listings of every kind across Australia, as well as tools and resources you won’t find elsewhere, you’ll be ready to move in no time.

If you’re looking for a better way to advertise your rental property, Rent.com.au can help you find the right tenant quickly and effectively. Advertising on rent.com.au is fast and easy, with tools provided to make self-managing your property simple.

Rent.com.au also offers several exclusive and industry-first products and tools including Renter Resume, RentBond, RentConnect, RentCheck, Rent.com.au Contents Insurance, RentPay, RentReports and more, created to simplify the renting process for renters, landlords and agents.

Rent.com.au is focused on presenting renters in the best possible fashion to maximise their chances of application success, presenting properties with additional, relevant information and automating processes to remove the need for paperwork. Visit www.rent.com.au today.

Media Contacts

Jessica Kauffman

Senior Account Manager

+61 2 9212 7867

Debbie Bradley

Group Account Director

+61 2 9212 7687

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