So what is a Bond Assist Bond Guarantee?
Firstly, a Bond Assist Guarantee is a 'Guarantee' and not a 'Bond'. A traditional bond is locked away with the Department of Building and Housing for the term of the tenancy and is limited to 4 weeks rent; whereas a ‘Guarantee’ costs the tenant less and offers the landlord more protection.
Even really good tenants can find it hard come up with 2 weeks advance rent, a letting fee and 4 weeks bond.
The Bond Assist Guarantee, issued by CBL Insurance Limited has been designed to the mimic the current bond system, ensuring landlords are advantaged by accepting the Guarantee. Landlords enjoy flexibility of cover and a claims process that is the same as requesting a bond refund.
All about the Guarantee
- The Guarantee covers any breach of the signed residential Tenancy Agreement; including rent arrears, cleaning, theft, damage, fees and rubbish removal.
- The tenant pays for the Guarantee upfront before issue. There are no other costs or ongoing fees (unless a claim is paid).
- The Guarantee lasts for 3 years, includes one free transfer and can be used in place of bond or as well as bond (for up to 9 weeks cover).
- There is no administration for the landlord. The landlord pays nothing.
- Landlords enjoy more cover. The Guarantee can provide up to 5 weeks rent or $5,000 security (whichever is less).
- Claiming against the Guarantee is easy. Either both tenant and landlord agree a claim or where the tenant is in dispute present a mediated or adjudicated tribunal order or where a tenant has gone no address, we can process a one party claim.
Tenants are subject to credit approval and policy terms and conditions apply.