The current market of Australia is going through a boom, specifically because it is providing new job opportunities and options for a better lifestyle.  If you are moving to a region in Australia, then considering the ability to move into a home is one of the options.  However, the amount of migration into the country has left a housing shortage and different needs for those moving into the country.  If you can’t find a home, have no credit history or need to get started with your new lifestyle first, then considering short term finance options for a rent to own agreement may be the best answer. 

Short term financing is used so you can be approved for a smaller loan without the credit history needed.  For migrants, this provides several benefits, including:

-          No credit history

-          No up front fees

-          Lower amounts to pay back

-          Flexibility in monthly payments

-          Financing that fits your budget

To be approved for a short term finance loan, you will only need to prove that you have stable income and can pay back the amount that you borrow.  Most will use this option to pay back the first few months of their loan or will take out a loan that provides stability in payments for 1 – 2 years. 

After using short term finance for your home, you will be able to build up your credit history, financial stability and ability to live in a home.  You can look at different alternatives for financing after this point which offers more than the short term loan.  Most will use the smaller loan to build their credit and to pay back a rental agreement.  After this time, it is possible to get a mortgage so you can begin to pay back the home and move into home ownership. 

 The short term finance that you look into should also provide you with comprehensive options for paying back the loan.  Most offer packages that give you terms for up to 12 months, meaning you will have time before you have to pay back the loan.  You should also compare options for base rates and interest rates, both which will add into the loan but will provide you with flexible options for how much you have to pay back.  You can expect the interest rates to be comparable to personal loans or mortgages, unless there are special provisions on the short term loan.