Coverage

A Trustbond is a surety bond provided by AAI Limited. When you, as a tenant, buy a Trustbond, your landlord has the same level of protection as a traditional cash bond.
Trustbond is currently only available for residential rental properties in South Australia.
Traitperception Pty Ltd is the distributor of Trustbond. Trustbond is issued by AAI Limited ABN 48 005 297 807. Trustbond is promoted by Terri Scheer Insurance Pty Ltd ACN 070 874 798.

A Trustbond follows the term of your lease*. Your landlord has 90 days to make a claim after the lease ends. If you renew the lease, in most cases we will also be able to offer to renew your Trustbond. The renewed Trustbond will attract a 50% discount off the previous term's price. The third renewal is free till termination of the tenancy at that address.

* The longest Trustbond lease term we offer is 2 years.

The amount of your Trustbond will be the same as the standard amount of cash bond in your state, which is typically 4 weeks of rent.

The cost of Trustbond is not refundable. It is an upfront fee that is a fraction of the amount of a traditional bond. A traditional bond is a large sum that is tied up for the duration of the lease. With Trustbond, you pay a smaller amount upfront to cover the protection your landlord requires, and this protection is provided by one of the largest insurers in Australia.

Eligibility

Relationships between landlords and tenants should be based on trust.

Our eligibility process measures trustworthiness through online data, including networks, ratings and reviews. This enables us to make a prediction that if you are a good online citizen, you will also be a good tenant.

You can build your TrustScore by providing access to different social networks, marketplaces, platforms and other forms of data. We will do an assessment of that data to understand your behaviours better and give you a TrustScore.

Tenants need to achieve a TrustScore of 70 or higher to become eligible for a Trustbond. Lower prices for Trustbond may be offered for high TrustScores.

Your Tenant profile allows you to prove your trustworthiness to your landlord or agent. It helps show that you will take care of the property and pay the rent. The profile is automatically populated with relevant information from the online accounts you connect in our eligibility process to improve your TrustScore. You can also manually add more information about you. Automated screenings do not include employment checks.

Online reputation is a holistic, fair, proactive and gives people of diverse backgrounds the opportunity to prove your trustworthiness in real-time.

If your life online doesn’t deliver enough information to make you eligible for Trustbond, you still have options. You can provide rental reviews, work history, or find reputable friends to recommend you. There are many ways you can prove your trustworthiness and improve your TrustScore.

Benefits

A Trustbond enables a tenant to completely replace a traditional cash bond. Instead of having your money tied up in a bond, Trustbond lets you hold onto more of your money for things that matter to you.
Trustbond suits all tenants, whether you are moving out of home for the first time or moving from one rental property to another.

Consider a young family moving house. Under the current system, they would need to cover the cost of two bonds – the one for the new place, and the one they’ve still got tied up in the old place.

Landlords can be more confident that an applicant with a Trustbond will be a great tenant.
And, the ability to rate and review tenants gives the tenant more incentive to take good care of the property so they can protect their rating, just like on AirBnB or Uber. It is based on trust, which enables the tenant and the landlord to transact more safely and willingly with one another.
Finally, a Trustbond provides the same cover as a traditional bond. The Trustbond claims process is fast and simple. Payment of claims can be within a few business days. There is no need to go to a Tribunal.

Claims on Trustbond

At the end of your lease, your landlord will have 90 days to make a claim on the Trustbond for things that you might have left in bad shape or unpaid.
If a claim is made against your Trustbond, your TrustScore may reduce and you may not be eligible for a Trustbond in the future, so it’s in your best interest to leave the property in good condition, as if the home was your own. This is part of your choice to become part of our community of trust.
If there are no claims against the Trustbond you can get a new Trustbond for your new home.

The landlord can only make a claim once the tenancy has ended. Once the tenancy has finished, the landlord or agent has 90 days to make a claim on the Trustbond.
The landlord or agent will be asked to confirm the tenancy has finished and submit documents showing their loss.

We aim to approve, process and pay claims on Trustbond within three working days.

We can recover from a tenant the amount paid to the landlord under a Trustbond. For example, if you left the last month unpaid, we will pay your landlord the amount claimed up to the value of coverage of the Trustbond, but we will need to recover that amount back from you.
However, we may not take action to recover payments under the Trustbond if it is clear the tenant’s actions were not deliberate, or where there is financial hardship.

Cancellations

It's important to note that while you bought the Trustbond, your landlord is the beneficiary of the surety bond. You cannot cancel a Trustbond without the approval of your landlord or you would be in breach of your tenancy agreement.

Other

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.

Your Trustbond's beneficiary is your landlord. As long as your landlord is covered for the amount they need, the way you organise your Trustbond is up to you. You can have one Trustbond that names one of you, or you can have a Trustbond for each housemate, divided into portions to meet the landlord’s coverage requirements.
It's most likely that landlords will prefer to have a single Trustbond with the lease holder, because it keeps things simple.

The Trustbond can be transferred without cost to the new landlord for the remaining period if the the rest of the conditions, tenant and property should remain the same.

A Trustbond cannot be transferred between tenants. As the Trustbond is tied to a tenant's TrustScore, it is not relevant to any other person. A new tenant would need to start a new Trustbond.

Complaints

If you are not satisfied with our products or services or a decision made in relation to Trustbond, please let us know so that we can help. It is important to follow the complaint handling process in order to resolve your complaint effectively and efficiently.

Step 1. Let us know

If you would like to make a complaint, please let us know by contacting help@trustbond.com as we may be able to resolve the complaint for you. A response is usually provided to you within 5 business days.


Step 2. Review by our Internal Dispute Resolution team

If you are not satisfied with the outcome of the business review you can request the complaint be referred to Internal Dispute Resolution (IDR). If we require additional information we will contact you to discuss. IDR will usually contact you with a decision within 15 business days of receiving your complaint.


Step 3. Seek review by an external service

We expect our procedures will deal fairly and promptly with your complaint. However, if you remain dissatisfied, you may be able to access the services of the Financial Ombudsman Service (Australia).


FOS is an independent external dispute scheme and their service is free to you. You do not have to go to FOS or accept their decision and you may be able to seek remedies elsewhere.