Bondable, Australia’s first technology-powered subscription rental bond service, has been unveiled, aiming to offer a more cost-effective, transparent, and streamlined rental process for tenants, agents, and landlords.
For a monthly fee of $19.99, Bondable, powered by Australian-based fintech, Hutly, offers tenants a cashless bond option, complete with a digital dispute mediation service and a bond guarantee, streamlining the rental process for everyone involved.
Jeremy Hastings (pictured above), founder of Bondable, said the service aims to benefit tenants with strong credit and rental records, while addressing significant challenges in the tenant offboarding process for both landlords and property managers.
“With rising cost of living and soaring rental prices, locking away thousands of dollars can put a strain on household budgets or mean Aussies miss out on life’s small luxuries, like a well-deserved holiday,” Hastings said. “For less than the cost of a phone plan, Bondable puts trust back in quality tenants, while ensuring agents and landlords are protected.”
The collaboration between Hutly and the Real Estate Institute of Victoria (REIV) has allowed Bondable to undergo extensive testing, showcasing its potential to enhance transparency in rentals and improve cash flow for tenants. With REIV’s backing, Bondable is embarking on a trial across its network.
“The REIV is supportive of positive innovation in the industry and believes Bondable can play an important role in solving the affordability crisis in Victoria and bringing portability to tenant bonds,” said Jacob Caine, president of the REIV. “Data from the last 18 months of Beta tests with tenants and agents indicates this product is a positive step forward for all.”
Beyond facilitating easier transactions, Bondable conducts thorough tenant screenings and offers instant claim payouts, minimising the financial and administrative burdens on landlords and agents.
“Bondable gives landlords and agents peace of mind that they are financially protected,” Hastings said. “Agents can lodge a claim and use Bondable’s digital mediation service to efficiently offboard the tenant.
“In the meantime, landlords and agents can rest easy knowing Bondable will instantly pay the value of the claim, up to one month’s rent, while the claim is being mediated and settled between the tenant and landlord.
“Furthermore, Bondable is fully insured, meaning in the unlikely event Bondable was to stop operating, the existing bond guarantees would continue.”
During its beta testing phase, more than 80% of tenants chose to participate in Bondable's trial, with all participants opting to continue using the service. Initially launching for tenants in Victoria, Bondable has plans for a phased national rollout of its subscription service.
Powered by Hutly, Bondable leverages the company’s industry knowledge and connections. Hutly, a fintech platform in the property sector, was established in 2018 and supports 4,000 agencies with more than 1 million contracts, managing around $18 billion in rental transactions annually.
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