Trustbond is a surety bond certificate that replaces the traditional cash rental bond, making renting easier for tenants, agents and landlords. Trustbond is underwritten by AAI (Suncorp Group), one of the largest insurance groups in Australia.
Traditional rental bonds are medieval and inefficient. Freezing people's cash in advance for anything that could go wrong is a matter of distrust. Frozen cash also creates misaligned incentives (win-lose) and makes claiming difficult.
We believe in a more efficient world, where trustworthy tenants can pay a fee to protect their landlord. Tenants benefit from cash-flow and are free to use their money for the things that really matter.
Landlords and agents have the same level of protection as a cash bond, and further benefit from:
Fast claims, without needing to go to the tribunal
Enhanced screening of a tenant’s online reputation
Better behaved tenants who will be incentivized to protect their TrustScore
Filling listing faster because Trustbond means less outlay for tenants
Trustbond prevents bad behavior because a tenant’s reputation (TrustScore) is tied to the transaction. This trust mechanism reduces bad behavior and increases trust between strangers. There are many examples where this has been proven, including, eBay, AirBnb and Uber. We believe that injecting trust into long term renting will transform the market.
Trustbond is powered by Terri Scheer and provided by by AAI (Suncorp Group), so you know we are here to fulfill our promises now and in the future.
We have engaged internal and external legal teams to help us with the design to ensure we comply with relevant regulation. We strongly believe that our approach provides a higher level of consumer protection than cash bonds today. We are engaging Government to keep them informed.
You can claim directly from Trustbond at the end of a tenancy by submitting a proof of loss, without needing to go to the rental tribunal. We aim to settle claims within 3 days.
We designed our claims process based on feedback from agents and their experience with bond claims today. Our process is fast and simple.
You should still go to the tribunal or relevant bodies for all other rental matters outside of the Trustbond (including ending the lease). We will adhere to any decisions made by tribunals if relevant to the bond, and they can serve as a proof of loss. Any amounts above the Trustbond should be claimed in the normal way (e.g. landlord insurance).
We can recover monies paid in a claim from the tenant. However, we will only recover if there was bad faith or intentional acts. We will not recover in financial hardship or accidents. Which is not something tenants can rely on with cash bonds today. If a tenant has a claim from bad faith, there TrustScore will go down and we may not offer them the product again.
Any non-payment of renewals will affect the tenant’s future eligibility and TrustScore. Full recovery may be also applicable.
All new lease and renewal agreements should contain a paragraph which is in substantially the same form as the following: Before the start date of this lease, or 28 days before renewal of this lease, you must provide to the landlord or agent (as applicable) either: (a) a bond in the amount of $[insert amount of bond]; or (b) a Trustbond in the amount of $[insert same amount as bond], which covers the term of this lease, or renewal.
“I take care of all Australian things related to Trustbond. I’m passionate about using business as a force for good. If you would like more info or to partner with us in Australia, reach out to me.”
Will is the Country Manager for Australia and he can answer any additional questions you have in person or over the phone.