BOND REFUNDS QUICKER ONLINE
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.