New online bond system for WA
Agencies in WA can now go online to lodge their tenants’ rental security bonds.
The new service, which is currently only available to licensed real estate agents, makes the whole process of lodging bonds fast, easy and secure. It’s also paperless.
BondsOnline has already been successfully trialled for five months by a group of REIWA-nominated real estate agents.
It was officially launched last month by the WA Minister for Commerce, the Hon Michael Mischin.
The same online system already successfully operates in South Australia.
In time, the WA government plans to make the system available to private landlords.
In addition to making lodgement faster, most tenants will receive their bond money back within 48 hours – once the tenant and agent have agreed on the amount to be returned and have approved the electronic transaction.
For tenants going from one rental property to another, it means they will be out of pocket for less time. It’s also less administrative work for property managers.
There are safeguards in place to ensure that the bond money is only released when the agent and the tenant agree on the amount to be returned.
Any bond disputes will continue to be settled in the Magistrates Court.
Paper lodgements will still be accepted for tenants who do not have email or mobile phones and are unable to access the online system.