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New online bond system to benefit smaller landlords

Landlords and property managers can now lodge bonds and payments online.

Monday, November 2nd 2015, 3:25PM

by Miriam Bell

Tenancy bond services have just made a move online as part of the Government’s programme to improve the convenience of public services.

Building and Housing Minister Nick Smith said the new system will make renting a property quicker and easier as it will no longer require cheques and forms to be sent by post.

“The new system is simple, safe and secure, and will enable the 400,000 bond transactions processed each year to now be done online and a lot more efficiently.

“The feedback received during the pilot testing phase has been very positive, with landlords and tenants praising the ease of the system.”

Previously, landlords could only lodge bonds and bond payments by cheque.

The new system, which can be accessed via the Tenancy Services website, allows landlords and property managers to lodge bonds and bond payments online.

However, one property management veteran doesn’t believe the system is set up for landlords who have a large number of rental properties.

Quinovic Property Management’s Bernard Parker said the new system was great for landlords who owned one or two rental properties and only lodged bonds periodically.

“But for landlords with a high number of rental properties, or property managers, who are lodging bonds and bond payments regularly, it is not so good.”

This is because it will still be necessary to complete the bond lodgement form on paper, as part of the online system, and to then physically check to make sure the bond has been accurately lodged in the Tenancy Services system.

In Parker’s view, this means a doubling up of the work involved in the process.

“They should come up with some sort of batch input system for those responsible for multiple rental properties, as opposed to sticking to an individual input approach.”

But the related tightening up of compliance, as well as ensuring the editing of the bond information was done before it goes to the Bonds Centre, is a good thing, he added.

The Government is spending $5 million to upgrade tenancy services which, once fully complete, will cover online bond lodgement and full online bond transactions.

The upgrade is part of the Government’s efforts to improve, and digitise, tenancy services.

Last year online Tenancy Tribunal applications were introduced and, in April, the new Tenancy Services website which is a one-stop shop for all tenancy-related advice, information and education was launched.

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Lender Flt 1yr 2yr 3yr
AIA 4.55 3.55 3.89 3.99
AIA Special - 3.05 3.39 3.69
ANZ 4.44 3.29 3.45 3.85
ANZ Special - 2.79 2.95 3.35
ASB Bank 4.45 3.35 3.19 3.85
ASB Bank Special - 2.85 2.69 3.35
Bluestone 4.44 4.44 4.29 4.34
BNZ - Classic - ▼2.79 ▼2.69 ▼2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 ▼3.39 ▼3.29 ▼3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 2.80 3.15 3.19
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union North 6.45 - - -
Credit Union South 5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.80 2.89 3.50
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC ▼4.40 ▼2.95 ▼2.95 ▲3.69
Kainga Ora 4.43 ▼3.29 ▼3.39 ▼3.85
Kiwibank 4.40 3.74 4.14 4.40
Kiwibank - Capped - - - -
Kiwibank - Offset 4.40 - - -
Kiwibank Special - 2.65 2.79 3.25
Liberty 5.69 - - -
Lender Flt 1yr 2yr 3yr
Napier Building Society - - - -
Nelson Building Society 4.95 3.75 3.99 -
Pepper Essential 5.18 - 4.98 4.98
Resimac 3.49 3.45 3.39 3.69
RESIMAC Special - - - -
SBS Bank 4.54 4.85 5.05 5.49
SBS Bank Special - 2.99 3.05 3.69
The Co-operative Bank - Owner Occ 4.40 ▼2.79 ▼2.95 ▼3.39
The Co-operative Bank - Standard 4.40 ▼3.29 ▼3.45 ▼3.89
TSB Bank 5.34 3.59 ▼3.59 4.19
TSB Special 4.54 2.79 ▼2.79 3.39
Lender Flt 1yr 2yr 3yr
Wairarapa Building Society 4.99 3.95 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - 2.79 ▼2.69 ▼2.79
Median 4.55 3.32 3.39 3.69

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