Coverage

A Trustbond is a surety bond provided by an insurance brand you know and trust. When you, as a tenant, buy a Trustbond, your landlord has the same level of protection as a traditional cash bond.

Please note Trustbond is not currently available for sale 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.

It's a fee/cover for the term of the lease.* If you renew the lease, you can also renew your Trustbond. The renewed Trustbond will attract a 50% discount of the previous term's price. The third renewal for the same premises (and any renewal thereafter for the same premises) will be free. Over the tenancy, Trustbond will not collect more than 20-30% of the cash bond value in fees.

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

The Trustbond amount is the most we will pay under the Trustbond in the event of a claim by your landlord. The amount of your Trustbond will usually be the same as the standard cash bond in your state/territory, which is typically 4 to 6 weeks of rent. A Trustbond cannot be provided for an amount greater than the cash bond allowed for the premises.

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

The house rental market can learn from other modern sharing economies, that use digital reputation to measure trust and produce better outcomes. Strangers who house-share, ride-share, freelance, buy and sell online can better understand if the other person is trustworthy, by looking at their ratings, reviews and past transactions.
Trustbond uses digital reputation for long term renting to help tenants and landlords make more informed decisions. You can leverage your existing digital reputations to get started.

Our eligibility process measures trustworthiness through online data, including identity verification, networks, ratings and reviews. This enables Trustbond 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 one-time secure 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 be eligible for a Trustbond. Lower prices for Trustbond may be offered for higher 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 for your TrustScore. You can also manually add more information about yourself.
Trustbond is not a database. Landlords, agents or third parties can not view your profile or TrustScore without your permission.

Digital reputation helps people of diverse backgrounds prove trustworthiness in real-time. It can help students, young families, immigrants, freelancers, and first-time renters who may be disadvantaged by traditional rental applications.

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 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 the things that matter to you.
Trustbond provides cashflow in the same month that you may have many other expenses. In addition to moving, furniture, cleaning and travel, you might need to cover the cost of two bonds when moving from one rental property to another.

A tenant who has achieved a suitable TrustScore is eligible for Trustbond. 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 TrustScore.

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.

Claims on Trustbond

At the end of your lease to which the Trustbond relates, you should leave the property in good condition, clean and pay any outstanding expenses. Just like you would with a cash bond. This is part of your choice to become part of our community of trust.
If you have not met your obligations under the residential tenancy agreement your landlord will have 10 days to make a claim on the Trustbond by contacting us.

A claim can only be made once the tenancy has ended and your landlord must provide evidence to support their claim, which may include: the tenancy agreement, rental ledger or bank statements, ingoing & outgoing condition reports, photographs, and quotes or invoices.
We may settle your landlord without consulting you, if the evidence supports the claim.

We will not recover from you the amount paid to the landlord in cases of financial hardship or accidents.

If the circumstances indicate that you acted intentionally, maliciously or in bad faith, then we may ask you to pay back the amount paid to the landlord. This is undertaken with your permission or (where applicable) an order through the relevant state Civil and Administrative Tribunal.
If a recoverable claim is made against your Trustbond, your TrustScore may reduce and you may not be eligible for a Trustbond in the future. If there are no claims made against the Trustbond you can get a new Trustbond for your new home.

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.
If your landlord approves the cancellation we will issue a pro-rata refund if there has been no claim on the Trustbond.

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.

You can also apply to the relevant state Civil and Administrative Tribunal (where applicable), in relation to any dispute about Trustbond.