OptingOut,
It is fairly straight forward, although what they don't tell you is the the "advance" is not actually in advance. It is a 6 month advance, but paid 1 month in arrears. This means that you have a gap of potentially 6 -7 weeks from the time that you move out until you see money in your account. This, in turn, means that you should make provision to pay your rent initially from some other source.
To emphasize what the other posters have said, I would suggest that you be looking to get into the market as an owner occupier rather than as a tenant. You need hair on your teeth as a tenant. At present the allowance will get you decent 2 bedroom unit but that will be down to a 1 bedroom unit in the next 12 months.
Hope it helps
ktk