Western Australian tenants will benefit from a new secure electronic transaction system for lodging bonds, which will make it quicker and easier for them to receive their security bonds back.
The new 'BondsOnline' system will remove the need for paperwork and reduce administration, data entry and printing costs to real estate agents and the State Government.
It will also ensure that transactions associated with rental bonds will be fast, easy and secure for tenants and real estate.
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.
For tenants going from one rental to another, the new system means less time being out-of-pocket. Previously, there was an average wait of eight to 12 days, with some bond disposals taking up to a month under the paper-based processing system.
Safeguards are in place to ensure that the bond money is only released when the agent and the tenant agree on the amount to be returned. Any bond disputes still need to be settled in the Magistrates Court.
Paper lodgments will continue to be accepted for those tenants who do not have an email address or mobile phone number and are unable to access the online system.
Further information can be accessed on the Department of Commerce website.