When leasing a property most would recognise it as the biggest expense in your budget. What ways can you pay rent? If you are unable to cover your monthly rent, the landlord can issue a notice to vacate. In this article we outline what ways you can pay your rent which may best suit your circumstances.
Direct Debit:
The most common preferred payment for a property manager is an automatic transaction. The most seamless and easy payment scheme of all. It’s popular for tenants to ensure rent is paid on time, and can be processed fortnightly, monthly, quarterly etc.
BPAY payment:
BPAY is an electronic billing payment system. Most use it to pay their home bills such as utilities or phone expenses. This payment option allows a tenant to pay the rent manually rather than automated. It is a good payment method as it doesn’t impact on your online daily transaction amount.
Electronic transfer (EFT):
Most use the BPAY option if paying manually but the is another way to pay your rent. You need to be careful using this payment type. The narration would be important to ensure its paid to the right property. Most property managers don’t like this and would ask you to use the BPAY option instead.
It can however be a better option if you don’t feel comfortable with an automatic payment.
Cheque Payment or Money Order:
You are able to pay your rent by a bank cheque or money order. This may however be the most inconvenient option to choose. It may require you to attend the bank and then deliver it to the real estate agent’s office.
Cash or credit card payment:
This may be helpful options for some, but they aren’t offered by real estate agencies.
What ways can you pay rent?
There a few options to cater your situation. There are also other alternatives available if you are paying rent directly to the landlord, but in general terms, the above most common. Remember if you fall behind in rent, the landlord can issue a notice to vacate. If you have troubles paying rent, it’s important to communicate this immediately with your property manager or landlord. The situation isn’t ideal for anyone, but in many cases can be worked through. Communication is key in all circumstances so always alert people early so you can potentially prevent a vacation notice and help you get back on track.
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more please contact us. We welcome the opportunity to assist you.
June 2020
