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South Australia’s new online bond system aims to streamline rentals

By Brett Pilgrim

Making the landlord process as simple as possible is something many investors are interested in, regardless of what the changes are. Anything that can take the stress and complications out of renting out property in Adelaide will be welcomed with open arms by the market.

Good news then for those with property in South Australia, as the latest announcement from the state government has revealed a new online system for landlords and rental tenants to manage their bond payments.

Minister for business services and consumers Gail Gago said the changes being made and adopted were aimed at allowing for a safe, secure service to “speed up and simplify the processes” associated with rental properties.

“This will benefit landlords, agents and tenants by enabling easier communication between parties and faster transactions. A transaction that once took weeks can now be done almost instantly,” said Ms Gago in a 27 May statement.

“The system allows real estate agents, self-managed landlords and tenants to lodge refunds and manage their bonds any time of the day or night, and to monitor them from anywhere in the world.”

Trials for the system started during February 2014. Since that time, there have been 13,585 bonds transacted and stored on the service. With the state government dedicated to cutting down the amount of time surrounding these processes, the environmental aspects of creating and maintaining a paperless service aligns with sustainable thinking.

Now is a great time to consider purchasing investment property in South Australia’s capital city. Alongside the retained cash rate and low interest rates, now the process surrounding rental tenancy has been streamlined for investor benefit – providing the perfect opportunity for new buyers to enter the market.

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