A new bond payment service will give tenants six months to pay off their bond without leaving the property manager and landlord out of pocket.
RentBond, free for property managers, ensures that they get paid upfront while the tenants then have three to six months to pay off the bond.
RentBond is now available nationally to all PMs after a successful nine-month trial in Western Australia.
Besser & Co head of property management Marcel Dybner told Residential Property Manager the service is a great initiative.
“Giving tenants the ability to pay their bond over a number of months will tide them over until their previous bond is released,” Mr Dybner said.
“It will also allow them to lease their new property more quickly, reducing the time landlords’ properties sit vacant. With rents on the rise, I think this has come at a good time for the industry.”
Mr Dybner said he expected some criticism from the industry around a tenant not being the right choice if they don’t have the ability to save for a month’s rent and a bond.
“But the reality is RentBond will be doing their own checks to make sure they only finance these small loans to people who are capable of paying them back,” he said.
“We will still be thoroughly checking all applications whether the tenant is using RentBond or applying regularly.”