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.
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.
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 owed to Snug after the claim is paid.