Western Australia has brought in a new online system for collecting and returning rental bonds. The BondsOnline system operates similarly to online banking and will see tenants receive their bonds back within 48 hours. 

"BondsOnline ensures the transactions associated with rental bonds will be fast, easy and secure for tenants, real estate agents and, over time, private landlords," said Western Australian Commerce Minister Michael Mischin. "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, it means less time being out of pocket with the quicker turnaround. 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."

Mischin said there are safeguards in place to ensure that the bond money is only released when the agent and the tenant agree on the amount to be returned, and any bond disputes still need to be settled in the Magistrates Court.

 The BondsOnline system has been successfully trialled for the past five months by a group of real estate agents nominated by the Real Estate Institute of Western Australia. REIWA president David Airey said the new system would be welcomed by tenants.

"It can be hard for tenants, especially those on low and fixed incomes, to move from one rental property to another if they cannot access their original bond money. Often this can take between eight and 12 days, with some paper-based processing taking up to a month," said Airey. "Now that the median rent in Perth is around $420 per week, a typical bond is currently $1,680 which is a substantial amount of money for a tenant to have to come up with. This will be a much better system to ensure that the tenant’s money is back with them at the earliest opportunity."

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