AN electronic transaction process for lodging and returning tenancy bonds has been embraced by Western Australian renters, landlords and real estate agents.
Bonds Online was Introduced by Consumer Protection in August 2015 to allow bonds to be electronically lodged with the Bonds Administrator and later modified for eTransactions to increase efficiency
The process cuts industry and public sector red tape for industry with tenants and landlords now able to gain quicker refunds.
According to Brookwood Realty’s Mt Helena branch manager Kylie Webster even though the initial registration process can be more difficult, the system ultimately benefits both parties.
“Tenants now get refunds in three to four days rather than in the three or four weeks that it used to take,” Mrs Webster said.
“The system also aids agents in that regard as if there is money owing it is now returned to us far quicker as well.”
More than 96 per cent of new bonds are conducted using the Bonds Online eTransactions with the service becoming mandatory for real estate agents on September 1 last year, while 58 per cent of refunds are now made through eTransactions.
That percentage is expected to increase over the next 12 months.
In August 2017 alone 12,059 transactions with a value of $18 million were lodged and disposed of electronically.
Commissioner for Consumer Protection David Hillyard said real estate professionals deserve credit for the manner in which they have adapted to using the eTransaction system.
“Not only are they receiving efficiencies in their business, but families are benefiting from quicker refunds and significantly reduced red tape costs,” Mr Hillyard said.
“Access to the Bonds Online service is currently limited to licensed agents and large private landlords but Consumer Protection is planning to develop the system to enable all landlords and their tenants to get the benefit of using the eTransaction system.”
By Andrew Carter