Agents to transition to BondsOnline eTransactions - Real estate bulletin 109 (March 2016)
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9 March 2016
The Commissioner for Consumer Protection is urging all agents to process all tenancy bonds through the BondsOnline system. The Minister for Commerce has approved the move to make online bond transactions mandatory. The move to paperless transactions is part of the government’s commitment to business on red tape reduction initiatives.
BondsOnline eTransactions is the Department’s online automated system for processing tenancy bonds held under the Residential Tenancies Act 1987 and the Residential Parks (Long-stay Tenants) Act 2003.
BondsOnline allows agents to directly lodge, vary and dispose of security bonds with the Bond Administrator. The BondsOnline system operates 24/7 and allows the self-management of security bonds including the generation of reports.
The Department is currently liaising with REIWA to ensure agents have enough lead time to transition to the new system before all bond transactions for agents will only be accepted through BondsOnline.
Significantly, the system is faster than the paper based processes, with disposal of funds generally returned within 48 hours of all parties approving the eTransaction. Agents who currently use the system report it works exceptionally well and improves timeliness for their property managers and tenants.
The Department is currently working to get all agents connected to BondsOnline as soon as possible to avoid any last minute backlogs. Agents should take advantage of the Department’s demonstration training on the use of the system.
If you have any queries in relation to BondsOnline, you can contact Bond Administration by email or by telephone on 1300 853 829.
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