BondsOnline eTransactions mandatory from 1 September: Real estate bulletin issue 114 (June 2016)
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7 June 2016
eTransactions mandatory from 1 Sept 2016
As from 1 September 2016 the BondsOnline eTransactions system will be the only method for tenancy bond lodgements. The recently gazetted regulatory change allows agents a period in which to transition to BondsOnline before the phasing out of paper forms is finalised on 31 August 2016.
Sixty seven per cent of agents currently use BondsOnline. Disappointingly there are still about 320 agents who have yet to register and it is these agents that Consumer Protection needs to work with to use this more efficient and cost cutting process.
It is important for those remaining agents to commence using BondsOnline and not wait until the deadline. Now is the time for agents to become conversant with the new process and ensure they are fully operational by 1 September 2016. Hopefully well before this deadline.
Register for BondsOnline
No more paper forms
The Bond Administrator will not accept paper based transactions after 1 September 2016, except in exceptional circumstances. This will include the disposal of existing bonds which may have been manually lodged.
No more cheques
The Bond Administrator is also phasing out cheques as a method of payment for bond disposals.
The direct credit of bond funds to bank accounts will occur from the end of June 2016. This will speed up the receipt of funds and reduce costs for all parties. The release of an updated Joint Application for Disposal of Security Bond form will occur at this time.
Consumer Protection has free training on offer. Agents can implement office changes now so they can benefit from the available demonstration training on the use of the system and to ensure their systems are in place in time.
After 1 September 2016, there will be limited one-on-one training available. Consumer Protection has prepared additional resources, such as instructional videos, which will be available.
More information and enquiries
Additional information is contained within bulletin issue 109.
If you have any questions in relation to BondsOnline you can contact Bond Administration by email or by telephone on 1300 853 829.
Key points to remember:
- You must be registered to use BondsOnline
- Demonstration training is available to agents
- Paper forms will be updated - previous versions cannot be accepted
As of 1 September 2016
- BondsOnline eTransactions will be mandatory
- Paper forms will no longer be available
- Demonstration training will be limited
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