You might be relieved to find that there's a new service to help tenants who are struggling to pay their bond. BONDSURE enables tenants to have their rental bonds paid on their behalf by the company, while the tenant pays it off over 6-12 months (for a hefty interest rate). BONDSURE also offers tenants the option to take out bond insurance for $18 per month.
Bond insurance ensures that the tenant will be refunded their bond at the end of their lease, while the loan of the bond ensures that the bond can be paid upfront.
It might sounds like a great option for tenants to have, but we need to be mindful that Landlords and property managers are unlikely to rent a place to a tenant who cannot provide for their own bond up front. That said, the bond insurance would add an extra layer of protection to tenants and property managers alike.