New salaried staff joining the University are eligible for the loan if they currently live further than 25 miles away from Oxford (measured from the Bodleian Library), and secure rental accommodation within 25 miles of Oxford. To be fully eligible, all conditions of the employment offer will have to have been met, the start date confirmed, and the employment contract will need to be in place. Unfortunately, casual staff and those employed by TSS aren’t eligible for the loan.
Pilot Rental Deposit Loan Scheme
Support with rental deposits when moving to the Oxford area
The University is piloting an interest-free rental deposit loan scheme to support new staff with the upfront costs of securing accommodation when relocating to the Oxford area.
Rental deposits and advance rent in Oxford can be significant, often exceeding £4,000. This scheme provides short-term financial support to help with these costs.
Loans are available up to £3,000 and are repaid over 12 months through salary deductions. The scheme is being delivered as a pilot and is subject to available funding.
Eligibility and use
You may apply if you have accepted a salaried job offer with the University and are relocating to within 25 miles of Oxford. You must currently live further than 25 miles away from Oxford.
Distance from Oxford is calculated using the location of the Bodleian Library (Broad Street, OX1 3BG).
The loan is intended to support your own rental deposit and cannot be used for other purposes. You will be required to supply evidence of a tenancy agreement, and that the deposit is stored in a government-approved loan deposit scheme.
How it works
Once you sign your contract and intend to move to the Oxford area, you will simply need to download the application from this website and submit it to your Departmental HR contact. Approved applications are sent to Payroll, who will arrange payment to be made to you.
Repayments are taken automatically from your salary in equal monthly instalments up to 12 months. If you leave employment with the University before the loan is repaid, the outstanding balance must be repaid in full.
Applicant Considerations
Before applying for the loan, you should:
- Check that you meet the eligibility criteria
- Understand the repayment commitment
- Consider your personal financial circumstances
Frequently asked questions
The loan scheme is open to staff within 1 month of signing their employment contract.
The loans are up to £3,000, but you don’t have to borrow the full amount. If you apply for less, you can borrow less.
To apply, simply fill out the application form found on the website and submit it via email to your Departmental HR contact.
The loan is repaid through your net salary. It is not a salary sacrifice deduction, so it comes out after you have paid tax. This works in the same way as all other loans the university offers.
You can still take this loan out. However, if you have loans from the University totalling more than £10,000, any amount over that threshold becomes a taxable benefit. Please speak to your Departmental HR contact for more details about what this means for you and your loans.
If you leave before you finish repaying the University, you will need to repay the loan in full within 14 days of informing the University of your intent to leave. If there is any outstanding amount, it will be deducted from your final salary payment
While the University would love to be able to offer loans to help new staff with other costs associated with relocating to the Oxford area, these loans are specifically for rental deposits. As such, there is specific documentation that will be required to show how it has been used.
Payments will be made with your first payment after your application is approved. The University tries to get these funds paid to you as quickly as possible, often within days, depending on how long approvals take. Payments of the loan from the University to you will be made in the first payment run after your approved application is received.
All questions regarding these loans should be directed to your departmental HR contact. If they can’t answer it, they will be able to liaise with the correct person to get the answer and respond to you.
Apply now
To apply, simply download the form using the button below. Fill it out, and email the completed form to your departmental HR contact.
