‘Buy now, pay later’ service for landlords launches

The service, named RentReady, will see landlords offered up to $15,000 upfront to cover property-related expenses, to be paid off over 24 months.

The funds can be used to cover maintenance costs, marketing costs, rent shortfalls, or even to make improvements to the property through renovations, with the service facilitated through the real estate.

The new service is available to landlords with property investments managed through a real estate agent, with funds disbursed directly to agencies upon the landlord’s approval.

Through utilising the new service, property managers and real estate agents no longer carry the upfront cost for repairs, maintenance or general services as the funding is received in minutes and is automatically dispatched into the business account. 

CEO and co-founder of MoneyMe Clayton Howes said: “Unexpected property expenses are one of the biggest headaches for both landlords and agents. 

“RentReady provides a solution to helping both parties tackle cash flow and property expenses by allowing them to access much-needed funds quickly, safely and efficiently. 

“As a business, we aim to provide quick, safe and efficient lending across the property, rental and real estate market. 

“RentReady adds to our ever-growing portfolio of products that aim to solve the failings of traditional lenders by providing technology-enabled payment solutions,” Mr Howes concluded.

RentReady follows on from the launch of a similar product, ListReady, in May 2019, which provides cash-strapped home owners with access to funding to assist with the sale with their property.

[Related: Government to introduce new home-buying stimulus]