Is this the Uber of apartment and house rental bonds?

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According to figures from the NSW Rental Bond Board for 2015 to 2016, it held nearly 80,000 residential rental bonds, totalling $1.31 billion.

A new startup has launched in Australia and is positioned to change the way we have always managed house rental bonds.

“Cash rental bonds are a medieval form of protection. They are one of the most inefficient forms of insurance, because tenants are forced to pay for everything that could go wrong up-front. Tenants freeze up to 6 weeks of rent in a cash bond and this causes great financial stress and also limits access to homes and opportunity,” said Traity Country Manager, Will Soutar.

“Trustbond is a surety bond that protects the landlord for the same amount as the traditional bond, but only costs a fraction to tenants as a relatively small fee. No loans, no interest. Just an efficient form of protection.” 

In the same way that Uber enables people who don't own a car to get the service of “Access to private transportation, any time, anywhere”, Trustbond enables landlords to get the full protection of a bond without blocking the cash-flow of tenants. It is a win-win.

The Company started operations in Australia in August and the surety bond is underwritten by AAI Limited, the insurer behind Terri Scheer, the renowned landlord protection insurance Company. They have launched in South Australia, and will be moving to other Australian states soon.

For more information, watch the video below or go to Trustbond.