Based on a $1500 bond in a two bedroom metro apartment, the fee for the first year would be $110 and:
Your current cash bond could last 33 years with BondCover.*Renewals assume the current property and include ‘no claim’ and ‘loyalty discounts’. Terms apply.
BondCover swaps your traditional cash bond with a certificate of guarantee. It works by reviewing your rental history and upon approval from your Property Manager/Owner allows you to unlock your current cash bond using a small fee as a substitute.
Should your Property Manager or Owner make a claim the usual process still applies. In true Snug spirit try to resolve it with them. If you can’t come to an agreement, refer to the Rental Tenancy Tribunal.
The usual process applies, this means that should the Rental Tenancy Tribunal order you to pay a valid claim the onus is on you to pay it. If you don’t pay, Snug will pay the outstanding claim amount to your Property Manager/Owner. This however will impact your rental record. The claim amount will also still need to be paid and we’ll work with you to resolve the outstanding amount.
Snug BondCover is provided for a small fee, around 5-9% (including an admin fee) of your bond value.
We are backed by Snug Financial Services for up to $100 million* in bonds.
*based on actuarial projections.
BondCover is available on fixed term leases with at least 3 months remaining, or month-to-month or rolling leases. Renters on the National Tenancy Database with prior unpaid bond claims in the last 3 years are unfortunately not eligible. Renters across Australia are welcome to apply.
As a renter, applying for BondCover takes around 2 minutes with the following information on hand.
Current lease & bond detailsBondCover is available on fixed term leases with at least 3 months remaining, or month to month or rolling leases.
IdentificationWe'll need your valid Drivers Licence or Passport details.
Bank AccountTo arrange your refund we'll need your bank account details.
When your application is submitted we'll send an email to your owner or property manager asking them to accept Snug BondCover and refund your cash bond. We'll keep you posted by email.
No, Snug 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 of the bond to Snug after it pays the owner's claim.
We refund your bond less the small annual fee for your Snug BondCover
You will need to provide us with your current lease & bond details, personal identification (driver’s license or passport) and bank account details to arrange your refund.
Based in Sydney, 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.
“I'd like to get the cash now to pay off my student debts”
“I've rented three properties and vacated with no claim so BondCover makes sense for me”
“I was so pleased to get BondCover and my bond refunded. I felt rewarded for being a great Renter.”
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