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Online bonds service a time saver for South Australians

5 Jun 14

The South Australian government has made an important update to real estate law that will simplify the tenancy process for both sides. 

The SA government's Residential Bonds Online service "allows for the secure online and paperless management of residential bonds 24/7," according to a May 27 media release.

It will speed up and simplify the processes around residential bonds while allowing for a secure and paperless management of bonds, SA Minister for Business Services and Consumers Gail Gago said. The improvement is set to benefit landlords, agents, tenants - all the parties involved in these processes. 

It will allow these individuals to take advantage of the instant and ever​-present nature of the internet and heighten convenience around what can otherwise be a frustrating process. Parties needn't wait in a queue, sit at a telephone on hold or fill in easily lost paper forms. It will also mean tenants can receive refunds back into their bank accounts more quickly, a process that can often be lengthy in physical form.

"A transaction that once took weeks can now be done almost instantly," said Ms Gago. 

"The system allows real estate agents, self-managed landlords and tenants to lodge refunds and manage their bonds any time of the day or night, and to monitor them from anywhere in the world."

The online service is completely free and allows those who are signed up to do a variety of things - lodging a bond, checking a bond status, refunding a bond or simply managing information around a bond, such as during a change of ownership. All that's involved is registered on the official website.

The online system was originally trialled during February 2014. Since then, 13,585 bonds are being held online, 54 agencies have been trained for it and 36 agents are live.