Frequently Asked Questions for Tenants
For a small, one-off cost, you can move with extra money in your pocket by removing the immediate financial burden of paying a complete bond. ZeroBonds is online and simple, so moving into your new property can be done quickly without the stress of unnecessary and timely processes. Cost-effective and convenient—a win-win for everyone.
If you’d like to reverse your bond, the process works like it would when a lease ends with a traditional bond agreement in place. Except with ZeroBonds, it is simple and hassle-free.
- Request a bond reversal and have your landlord/property manager approve it.
- Pay a one-off application fee of $23.99 to ZeroBonds.
- ZeroBonds performs ID and credit checks and balances to give you our approval so your real estate agent can apply for your bond refund.
- Your bond is finally reversed with a small 14.5% of the bond amount charged.
We know time is of the essence, so we review and respond to all applications as quickly as possible. Once the agent/landlord has approved your application, you can expect to hear back from us within 24 hours, although in most cases, applications are reviewed within just one hour.
While we reserve the right to approve or decline tenants, our general guideline is to approve applicants with a credit score of 400 or higher.
If the agent or landlord declines the pre-approval, there won’t be any charges incurred for the tenant.
However, if the agent or the landlord declines the final approval, the applicant will only be charged the application fee based on the application type, but they will NOT be charged 14.5% of the bond amount.
No, your lease and responsibilities as a tenant are unchanged. ZeroBonds complies entirely with the terms of the Lease Agreement, meaning you are responsible for the property.
At the end of your lease, the ZeroBonds process is generally the same as having a traditional bond agreement:
- Move-out Inspection: At the end of your lease, a move-out inspection is conducted to assess the property and identify any damages or issues.
- Deductions: If any costs are associated with damages beyond normal wear and tear or unpaid rent, you will be responsible for settling any outstanding bills or repairs.
If you decide to end your lease early with ZeroBonds, the process is generally the same as a traditional bond agreement. Your agent or landlord will manage this part of the process, including any necessary inspections, negotiations, and finalising the early lease termination.
ZeroBonds, as a bond alternative provider, primarily deals with the security deposit aspect of your lease—the overall lease termination process remains under the management of your agent or landlord.
When more than one tenant is moving into a property, ZeroBonds requires each tenant to be approved.
Each tenant must:
- Complete individual applications,
- Pay their respective bond alternative fees, AND
- Meet the application criteria.
This allows our team to assess each tenant’s eligibility and provide coverage accordingly, as ZeroBonds considers credit scores and ID verification of ALL tenants for the overall application.
If an applicant does not pass the initial application process with ZeroBonds, they have the option to request a review of their application for a final decision. This process provides applicants with the opportunity to seek further evaluation if needed.
If you have questions or need further details about your unique situation, don’t hesitate to contact us at ZeroBonds for personalised assistance.
If you decide to extend your lease agreement, your bond stays in place until your lease ends. Your bond is not affected by any changes made to the lease duration.
Yes, you must re-apply with ZeroBonds when you move houses as a tenant. Here’s why:
- Each rental property typically requires a separate application and approval process, as each Lease Agreement is unique and may have specific details and requirements.
- Most importantly, personal circumstances can change, so tenants must apply again if they move so we can accurately assess current financial suitability for the new property.
- We must also ensure your new agent/landlord is happy to partner with ZeroBonds, as they may have their own tenant requirements and preferences.
- Lastly, security deposits vary from property to property, so you may need to provide a new security deposit for the new property, which is an entirely separate financial transaction.
Our service is designed to facilitate smooth transactions with participating properties. However, we understand that not all properties may choose to use our platform, so we contact your agent on your behalf.
When you submit your application, a notification is sent to your property’s managing agent, informing them of your interest in using ZeroBonds.
Subsequently, we contact the agent directly on your behalf to introduce ourselves and explain the advantages of utilising ZeroBonds.
However, if the agent or the landlord prefers to retain a traditional bond set-up, we can recommend alternative agencies that have partnered with us.