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A rental buffer is an amount you specify to be always held as a balance for your tenancy. For example, a rental buffer of $500 can be held as a balance, and not yet allocated to rent, to be used should you fall into arrears or require the balance applied at any time towards your rent.
The rental buffer is first paid in full on top of your regular rent payment, e.g., the whole $500 + normal rent. If your balance is reduced your rental buffer will be automatically topped up to the specified total amount with your next rent payment.
If you fall into arrears, your rental buffer will automatically be used towards rent.
How to set the rent buffer
Log in to your tenant mobile App or desktop portal to set the rent buffer.
Steps:
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Select 'RENT' from the menu
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Press the button 'I want to pay more'
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Select 'For Rent'
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Press 'Rent Buffer'
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Select 'Hold a buffer'
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Enter the dollar ($) amount you would like to hold as a buffer. The total buffer amount will be charged (DD/Card) upon your next rent payment.
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Press Submit
What happens next?
The buffer amount is charged via Direct Debit or Card - depending on your nominated payment method - with your next rent payment. This means if your normal rent is $400p/w and you have set a rent buffer of $500 the total amount being charged is $900. Ensure you have enough funds to pay the total amount.
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Setting a buffer will hold the amount as a balance only and will not pay you into the future.
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The buffer balance will automatically reduce and be receipted towards rent if you fall into arrears
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The buffer balance can be allocated towards rent (see article) at anytime
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When your rent balance is reduced, the buffer amount is topped up with your next rent payment.
This means, for example, if you fall into arrears and the buffer balance is reduced by $400 to put towards rent, leaving you with a $100 buffer, the buffer amount will be topped up to total $500 upon your next rent payment. This will add the $400 owing onto the normal rent amount. -
The buffer can be removed by setting the amount to $0. See article - how to remove a buffer.
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