Have you heard about Bondable? More than just a funky name, Bondable is an innovative new bond processing service designed to save thousands and streamline efficiencies in the tenant on-boarding and off-boarding processes.
REIV President Jacob Caine recently announced REIV’s support for the product created by Hutly and being trialled in Victoria over an 18 month period. The trial is also being extended to NSW tenants and landlords.
Protected by an independent insurer, the service is expected to save time and money and reduce inconvenience for landlords and agents by vetting and credit-checking tenants, delivering a no risk and zero cost service to property managers, and delivering instant payouts on claims.
Hutly/Bondable founder Jeremy Hastings said the bond guarantee product is a legal form of a bond as defined in Victoria’s Residential Tenancies Act. He hopes that by streamlining tenancy claims processes, rental properties will be back in the market sooner and tenants will have more money in their pockets.
It is believed the potential to reduce the responsibility of the Residential Tenancies Bond Authority also exists, as there could be a decrease in the funds they are required to hold and process.
With the rental market in turmoil, this could be a welcome process to reduce the financial pressures on Victorian tenants and landlords.
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