Last year, the ACT Government changed the Residential Tenancy Act to enable rental bond guarantees subject to regulation.
This means ACT renters will soon be able to get their cash bond back while they’re still renting by swapping it to a BondCover certificate of guarantee, backed by IAG. The regulations are presently stayed.
In the meantime, ACT owners and managers can now register and to invite their renters to pre-register.
Register now and get access to support resources including videos, guides, email templates, special offers and more!
Congratulations ACT, you’re leading the nation.
BondCover will be a guarantee for owners that valid bond claims will be paid. Tenants will obtain a BondCover certificate for the standard bond amount, rather than deposit cash with a bond authority.
Renters with a good rental history will be eligible for BondCover. We perform a comprehensive risk assessment to grant only suitable renters with BondCover.
Save admin time
*Based on first years' BondCover fees. BondCover for new tenants coming in October.
In a world of driverless cars, we rely on data, technology and trust. It’s time to let go of the cash bond. There’s a better way to bond and your renters will love you for it.
Get the information you need to introduce BondCover to your agency, owners and renters.
BondCover will be available on fixed term leases with at least 3 months remaining, or month to month / rolling leases.
BondCover will maintain the rights and obligations in relation to bond claims for the renter and owner/property manager.
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.
When BondCover is available, Owners or Managers can notify and lodge bond claims online with Snug. Evidence is required to support a claim and we seek the agreement of both parties on the Claim Detemrination, or a Tribunal Order before paying a claim.
Renters applying will need to provide us with contact information, current lease and bond details, personal identification (such as driver’s license or passport) and bank account details to arrange your refund. Applying takes around 2 minutes.
Owners or Managers approving a Renter's BondCover application will need to provide your contact information and current lease and bond details to confirm the information provided by your Renter. Approving takes around 2 minutes.
No, Snug BondCover will neither be insurance nor a loan.
If a bond claim arises, BondCover will be a guarantee for the Owner that Snug will pay valid bond claims if Renters don't or won't. Renters will still have to reimburse the full amount of the bond claim to Snug.
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