BondCover makes renting easier for Owners

Leasing your property to the right tenant can be challenging. Take the hassle out with BondCover. It’s an easy to use alternative that swaps out the traditional cash bond with a BondCover certificate.

What is BondCover?

Benefits for Owners

How it works

Stay up to date with BondCover

BondCover essentials

Security

What is BondCover?

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.

Better renting

Attract better renters

Renters with a good rental history can apply for BondCover. We perform a comprehensive risk assessment to grant only suitable renters with BondCover.

Benefits

How BondCover benefits you

  • Same protection as a bond
  • Fast, hassle-free payment on valid bond claims
  • Easily maintained with rent changes
  • Lease properties faster with lower bond hassles

How BondCover works

BondCover replaces a cash bond with a certificate of guarantee. Trust, it feels different at first, like getting your first Uber ride or staying at an Airbnb but soon you’ll feel better for it. Your renters will love you for it.

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Review & Approval

After the tenant applies for BondCover you (or your Property Manager, if you have one) will be requested to review and approve their application.

Issue & Refund

We then run a comprehensive risk assessment and issue the certificate to all parties before organising a refund of the tenant’s bond (minus a small annual fee).

Easy Claims

We take the hassle out of claims. If you have a claim, simply submit the details online and we'll handle the rest. If the claim is valid, Snug will:

  • Settle claims up to $500 within two business days, and
  • Settle claims above $500 to the amount of the bond, within five business days.

In some cases, we may require further information and/or a Tribunal order to finalise the claim.

From Snug Blog

Help and Support

We’ve put the answers at your fingertips with our handy help and support centre.

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. 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:

  • Claims up to $500 within 2 business days, and
  • Claims above $500 to the amount of the bond, within 5 business days

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.

To approve a Snug BondCover request:

In the email received from Snug, click the link to ‘Review Application’, follow the steps:

  • ‘Rate your Renter’
  • ‘Join Snug’, and
  • ‘Review and Sign’ the application

Something not right on the application? Click ‘Decline’ and follow the steps to enter a reason and notify your Renter.

Please note that we'll only issue BondCover if you approve.

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.

BondCover, a better way to bond.

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