BondAssist is a Tenancy Guarantee that provides your landlord with up to 5 weeks bond cover (or $5,000, whichever is less) in the form of an irrevocable Guarantee.
*Irrevocable means that once issued the Guarantee remains in place during the tenancy and cannot be cancelled by anyone but your landlord.
Instead of locking away up to 4 weeks rent with the Department of Building and Housing as dead money, you can ask your Landlord to consider BondAssist. With BondAssist upfront moving costs are less.
Simply discuss cover with your landlord. They may be happy with 3 or 4 weeks cover, they may ask for the maximum of 5 weeks (up to $5,000).
The Guarantee lasts for 3 years. If you need to move during the 3 years, you can transfer the Guarantee to your new address for free (where there is no claim, cover remains the same and your new landlord approves).
If you remain in the same tenancy for 3 years then you can purchase a further 3 year Guarantee or elect to lodge a traditional bond with the DBH (talk to your landlord).
BondAssist is affordable and costs only 23% (including GST) of selected cover for the 3 year term (with one free transfer).
Example: $1500 bond cover will cost $345 (works out as little as $2.21 per week over the 3 year period)
The choice you have is to pay a traditional bond or pay a fee for the issue of a Tenancy Guarantee. The fee is less; less move in and upfront costs, however the fee is not rebated, as it’s a fee for us to carry the risk that you will honour the terms of the tenancy agreement and leave the property with no claim.
The minimum age is 20 years. Tenants applying for BondAssist are subject to NZG credit criteria and terms and conditions.
All tenants shown on the Tenancy Agreement are jointly and severally liable under the Guarantee.
Where you have breached the terms of the Tenancy Agreement your Landlord is entitled to make a claim (as they would claim against normal bond). However, you maintain all your rights under the Act and where you dispute a claim you are protected through mediation or tribunal adjudication.
If you are unable to resolve any claim directly with your Landlord and we are required to settle the Guarantee, then we will recover back from you under the terms of the Counter Indemnity Agreement.
BondAssist Tenancy Guarantees are issued by CBL Insurance Limited (CBL), a registered insurance company formed in 1973 with representative offices in London, Atlanta, Copenhagen and Kuala Lumpur. CBL has an International Financial rating of B+ (Good) issued by AM Best.