$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.
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)
Tell us who you are, where you live and your property manager/owner details.
We’ll request approval from your property manager/owner.
When approved, we refund your bond into your bank account minus a small annual fee and issue a Snug BondCover Certificate to all parties.
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.
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.
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, 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.
“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.”
BondCover, a better way to bond.
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