The Zero Deposit Program allows tenants to move into their new homes without paying a large upfront deposit. Instead, they pay a small monthly fee known as the Monthly Deposit Waiver Fee.
Benefits
- Save Money Upfront: No need for a large deposit, freeing up cash for other expenses.
- No Loans Needed: Avoid borrowing from family or high-interest lenders.
- Quick and Easy Move-In: Move in faster without saving for months.
- Hassle-Free Move-Out: No worries about getting your deposit back.
- Transparent Costs: Clear monthly payments with no hidden fees.
How It Works
- Eligibility: Meet normal affordability requirements.
- Opt-In During Application: Choose the Zero Deposit option when applying for a rental property.
- Deposit Waiver: Move in without a cash deposit; pay a small monthly fee instead.
FAQs
- Monthly Deposit Waiver Fee: This fee is separate from the rent and costs 5% of the rental amount.
- Fee Stability: The waiver fee remains the same throughout the lease.
- Payment Responsibility: Tenants must pay all amounts specified in the lease agreement.
- Consequences of Non-Payment: Failure to pay can lead to debt enforcement procedures affecting credit scores.
The Zero Deposit Program simplifies moving into a new home by eliminating the need for a large cash deposit, offering a more affordable and transparent process.