Help return $1.4 billion of bonds to NSW renters
I support a bond surety like BondCover: a low-cost guarantee that protects renters and owners, and frees up bond cash.
Already 2100 supporters with $3.8 million in cash bonds signed up to support bond reform.
The Petition
Dear Minister Kean and NSW Government,
Renters are significantly disadvantaged financially by the current bond system, which is onerous and outdated and punishes the great majority of renters who do the right thing.
I support a better deal for renters through the provision of bond surety certificates as a choice for renters, as suggested in section 2.7 of your Consultation Paper on this subject.
I support reform to residential rental bonds that enables the introduction of low cost bond guarantees:
- Renters who do the right thing should not be punished by onerous bond requirements that tie up large amounts of money for an extended period
- $1.4 billion of renters money currently held by the NSW Government should be returned to the economy to address rental affordability
- Reforms should protect the integrity of the rental system and the current rights of renters and owners around valid bond claims
- Reforms should ensure that bond guarantees are provided at the lowest possible cost to renters and not loaded with Government fees and taxes
From
[Name]
Why #BetterBonds?
Most renters are good renters. We analysed nearly two million rental bonds and found that the very large majority of renters either resolve bond claims quickly or have no claims at all. In fact, over 99% of rental bonds by value are without default (NSW & QLD).
Enabling options like BondCover is a simple change that can have a far-reaching impact and put billions of dollars back in the hands of Australian renters.
Since June 2017 we’ve been campaigning to reform bonds:
- We Snug met with Minister Kean and the NSW Department of Fair Trading.
- We’ve met with over 100 stakeholders including tenancy, consumer, real estate and social welfare groups.
Find out more about the NSW reforms
- View the NSW consultation paper here
- Read our blog on bond reforms
What Snug Stands For
We believe in options for long-term tenure that creates certainty and stability. Snug promotes longer leases that benefit renters and owners.
Renters should be able to make reasonable changes to make their house a home. Snug supports a balance towards tenant-led, owner-approved modifications and timely repairs.
Good renters deserve flexible bond choices. Snug has launched BondCover to put cash rental bonds back in the hands of renters, in exchange for a certificate of guarantee that protects tenants and owners.
Our renting system should put people first. Snug supports the prohibition of rent bidding, and has introduced Snug Match to help tenants shine and owners find the best tenant.
The renting process should be efficient, modern and secure. We're developing an online rental community that brings every stage of renting to one place and protects your privacy.
Snug is using technology to build smart solutions to the challenges facing renters, owners and property managers. Why, because ⅓ of Australia rents.
At Snug, our mission is to make renting easier.
We believe it’s time to reimagine the renting experience. It’s time to lower costs and make the most of technology to empower renters, owners and property managers.
We’re a startup business that’s socially minded. We create innovative solutions to the renting challenges Australians face.
Frequently Asked Questions
Enabling options like BondCover gives renters more financial freedom and choice. Instead of paying a large bond sum upfront, you can choose to keep that money in your bank account, pay off HECS debt, or go on a holiday! If there is a bond claim you know that you’ll get a fair outcome from Snug.
BondCover swaps your traditional cash bond with a certificate of guarantee. It allows you to unlock your cash bond, using a small fee as a substitute, with approval from the property manager or owner.
BondCover ensures valid claims up to the bond amount are paid to owners. It means fast and fair assessment which helps owners repair or remedy loss such as arrears or damage. BondCover helps owners avoid the stress and inconvenience of bond claims.
Click here to get a BondCover quote and apply online.
No; Snug’s BondCover is neither insurance nor a loan. If a claim arises, BondCover is a guarantee for the owner that Snug will pay the bond claim if you don’t pay it on time. You’ll still have to pay the full amount owed to Snug after the claim is paid.
BondCover maintains the rights or obligations as an owner, property manager or renter.
BondCover is designed to swap old fashioned cash bonds for a certificate of guarantee for valid bond claims up to the amount of the bond.
Property owners should also hold traditional Landlord's insurance for additional protection beyond the the risks related to bonds.
Yes, in all states where it’s offered. Snug has worked with expert lawyers and specialist rental agents to design and develop BondCover. We’ve also consulted with real estate and tenancy groups to ensure Snug BondCover meets their requirements. We’d like government support to enable better bonds through adoption of BondCover.
As you would usually; there’s no change to the existing process. Your property manager or owner will approach you first regarding the claim, you can choose to settle direct, if not then the owner will claim from Snug. For amounts over $500, if you’re not happy with the claim assessment you can settle via the rental tribunal. If you don’t pay the tribunal decision amount, we settle the claim directly with the property manager or owner and recover from the amount from you afterwards. Please read the full terms.
Snug aims to pay the amount of the order within two business days of receipt of all relevant information for a valid claim.
We want to give every Australian access to BondCover when they need it most. Snug will offer a substantially discounted BondCover certificate to renters facing financial hardship or are victims of domestic violence. We’ll provide more information about our policy and partners soon.
Snug’s campaign asks State Governments to recognise options like BondCover as alternatives to traditional cash bonds.
Show our governments there’s a better way to bond: add your signature to our petition today.