Say goodbye to old fashioned cash bonds. Say hello to BondCover.

Save it. Invest it. Make it count. Get BondCover, refund your bond while you're still renting and use your money for the things that matter.

As seen in

Smart Company logo Startup Daily logo Australian Financial Review logo CMO logo Insurance News logo Elite Agent logo Property Observer logo

BondCover is a better way to bond

The current state of play

  • $4 Billion in rental bond cash is currently locked away from renters.
  • 0% of renters receive interest or rewards for their good renting history.
  • 99% of renters do the right thing.

Legal & Compliant

  • BondCover is legal in all states it’s offered in.
  • Complies with Rental Tenancy Agreements in all participating states.
  • BondCover swaps your cash bond with a certificate of guarantee. It’s not insurance.

Pricing breakdown

Based on a $1500 bond in a two bedroom metro apartment, the fee for the first year would be $110 and:

  • $60 for year 2 (save 45%).
  • $53 for year 3 (save 51%).
  • $45 per annum for years 4+ (save 59%).

Your current cash bond could last 33 years with BondCover.

*Renewals assume the current property and include ‘no claim’ and ‘loyalty discounts’. Terms apply.

How to apply

Step 1

Tell us who you are, where you live and your property manager/owner details.

Step 2

We’ll request approval from your property manager/owner.

Step 3

When approved, we refund your bond into your bank account minus a small annual fee and issue a Snug BondCover Certificate to all parties.

Frequently Asked Questions

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.

BondCover is issued by Snug Financial Services and underwritten by Insurance Australia Limited (IAG).

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.

  1. Current lease & bond details

    BondCover is available on fixed term leases with at least 3 months remaining, or month to month or rolling leases.
  2. Identification

    We'll need your valid Drivers Licence or Passport details.
  3. Bank Account

    To 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 owed to Snug after the claim is paid.

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.

backed by iag

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.

BondCover, a better way to bond.

Get a quote
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