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

Save it. Invest it. Make it count. Use your money for the things that matter.

##BondCover is not currently available.

As seen in

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

How it works

  • BondCover could swap your cash bond with a certificate of guarantee. It’s not insurance.

BondCover is not currently available.

Pricing breakdown*

Based on a $1500 bond in a one bedroom metro apartment, the fee for the first year would be $113 and:

  • $66 for year 2 (save 42%).
  • $56 for year 3 (save 50%).
  • $46 for year 4 (save 59%)
  • $36 per annum for year 5 onwards (save 68%).

Your current cash bond could last 33 years with BondCover*.

*Indicative pricing as at 10 May 2018. Based on single tenant, 1 bedroom, metro apartment with bond amount equal to four weeks. Renewals assume the same lease details, includes ‘no claim’ and ‘loyalty’ discounts on the Surety Fee and Administration Fee, excludes Partner Fees and location loading. Terms apply. Request an indicative quote with your details for pricing.

How to apply

(when applications open)

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

When it becomes available, BondCover will swap your traditional cash bond with a low cost certificate of guarantee. Tenants will obtain a guarantee of the standard bond amount for the Owner's benefit, rather than deposit cash with a bond authority. BondCover will maintain the rights and obligations in relation to bond claims for the renter and owner/property manager.

Please read the BondCover Terms for details.

When BondCover is available, should your Property Manager or Owner make a bond claim, you will need to first try to resolve it with them. If you can’t come to an agreement, the property manager will be able to upload the claim to Snug with supporting evidence. Snug will make a Claim Determination and if all parties agree, process your payment for the claim. If either party disagrees, the Tribunal will be an option and we'll process payment following the Tribunal Order.

When available, BondCover will maintain the rights and obligations of renters and owners. If you agree to a valid claim or a Tribunal Order is received, the onus will be on you to pay the claim. If you don't pay a valid claim, it may affect your ability to get BondCover in the future and we may try to recover it from you. Snug will offer zero interest payment plans.

When available, BondCover will cost from 3.3% of the Bond Amount plus first year administration fee. Loyalty discounts and No Claim bonuses may apply after the first year. Request an indicative quote with your details for pricing.

When available, BondCover will be underwritten by IAG, one of Australia’s largest general insurers. Snug is an independent company with a mission to make renting easier.

BondCover will be available on fixed term leases with at least 3 months remaining, and month to month, periodic or rolling leases with more than 12 months prior history. Renters on the National Tenancy Database with prior unpaid bond claims in the last 3 years are unfortunately not eligible.

As a renter, applying for BondCover will take around 2 minutes online with your lease and identity information on hand. When your application is submitted we'll send an email to your owner or property manager asking them to accept Snug BondCover. When accepted the BondCover Certificate is generated for you and the property manager. BondCover can be issued the same day. Refunds can take a couple of weeks depending on which State your existing cash bond is lodged.

Snug BondCover will not be insurance or a loan. If a valid claim arises, BondCover will be 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.

When BondCover is available, and you apply for BondCover on an existing bond, we will arrange to refund your bond less the small annual fee for your Snug BondCover.

BondCover may require an upfront credit card payment in some States and you will need to arrange your own refund for the existing cash bond.

When BondCover is available, to apply you will need your current lease and bond details, a valid Drivers Licence or Passport details and credit card for payment. In some cases we'll need Bank Account for a bond refund.

Backed by IAG

BondCover will be underwritten by IAG, one of Australia’s largest general insurers. Snug is an independent company based at Firemark Labs in Sydney.

BondCover, a better way to bond.

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