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 expected around mid-March 2018.
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 is a guarantee for owners that valid bond claims will be paid. Tenants obtain a BondCover certificate for the standard bond amount, rather than deposit cash with a bond authority.
Renters with a good rental history can apply 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 is available on fixed term leases with at least 3 months remaining, or month to month / rolling leases.
There is no change to your 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. Landlords should also hold traditional Landlord's insurance for protection beyond the the risks related to bonds.
Owners or Managers can lodge bond claims online with Snug. We seek the Renter's agreement to the amount of the claim.
If the Renters don't pay, Snug pays the Owner or Manager:
In some cases, we may require further information and/or a Tribunal order to finalise the claim.
Renters still have to pay the full amount of the bond claim to Snug after we pay the Owner's claim.
Owners or Property Manager's 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 is neither insurance nor a loan.
If a bond claim arises, BondCover is a guarantee for the Owner that Snug will pay valid bond claims if Renters don't or won't. Renters still have to reimburse the full amount of the bond claim to Snug.
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