BOND RE­FUNDS QUICKER ONLINE

Southern Gazette (South Perth) - - Residential -

WA ten­ants can look for­ward to quicker and eas­ier se­cu­rity bond re­funds with the in­tro­duc­tion of a se­cure elec­tronic trans­ac­tion sys­tem.

Com­merce Min­is­ter Michael Mischin said the new Bond­sOn­line sys­tem would elim­i­nate the need for pa­per­work, re­duc­ing ad­min­is­tra­tion, data en­try and print­ing costs to real es­tate agents and the State Gov­ern­ment.

“Bond­sOn­line en­sures the trans­ac­tions as­so­ci­ated with rental bonds will be fast, easy and se­cure for ten­ants, real es­tate agents and, over time, pri­vate land­lords,” Mr Mischin said.

“Most ten­ants will now 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.”

Pre­vi­ously ten­ants had an av­er­age wait of eight to 12 days, with some bond dis­pos­als tak­ing up to one month un­der the pa­per-based pro­cess­ing sys­tem.

REIWA pres­i­dent David Airey said many ten­ants had ex­pe­ri­enced the frus­tra­tion of not be­ing able to get their bonds back quickly when they left a rental prop­erty.

“It can be hard for ten­ants, es­pe­cially those on low and fixed in­comes, to move from one rental prop­erty to another if they can­not ac­cess their orig­i­nal bond money,” he said.

“Now that the me­dian rent in Perth is around $420 per week, a typ­i­cal bond is cur­rently $1680 which is a sub­stan­tial amount of money for a ten­ant to have to come up with.

“This will be a much bet­ter sys­tem to en­sure that the ten­ant’s money is back with them at the ear­li­est op­por­tu­nity.”

Pa­per lodge­ments will con­tinue to be ac­cepted for ten­ants who do not have an email ad­dress or mo­bile phone num­ber and are un­able to ac­cess the online sys­tem.

Mr Mischin said the new sys­tem was part of the State Gov­ern­ment’s wide-rang­ing reg­u­la­tory re­forms and had been suc­cess­fully tried for the past five months by a group of real es­tate agents nom­i­nated by REIWA.

“The real es­tate agents re­port that elim­i­nat­ing the need to process pa­per­work in­creases ef­fi­ciency and pro­duc­tiv­ity of their busi­ness while re­duc­ing costs and red tape,” he said.

Bond­sOn­line op­er­ates in a sim­i­lar way to online bank­ing, with the real es­tate agent set­ting up the bond trans­ac­tion for each ten­ant.

For more in­for­ma­tion, visit http://com­merce.wa.gov.au/ bond­son­line or phone Con­sumer Pro­tec­tion on 1300 304 054.

An elec­tronic trans­ac­tion sys­tem has been set up for bond re­funds.

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