Consumer & Business Affairs wants to return $19m in unclaimed bond money for Aussie renters

Usually it’s best not to open unsolicited texts and emails promising money – but now there’s an exception that could help you recoup a tidy sum amid the cost of living crisis.

These days it’s best not to open unsolicited texts and emails promising money – but now there’s an exception that could help South Australians recoup a tidy sum in the midst of the cost of living crisis.

Thousands of current and former tenants are about to be contacted by Consumer and Business Services, which wants to return more than $19m of unclaimed bond money.

In cases where the consumer affairs agency has contact details, it will be in touch with people directly to encourage them to lodge an application.

Staff will use text and email to advise people that there may be an unclaimed bond in their name.

The messages will not ask for personal banking details or any other information and will not ask recipients to click on a link.

Are you owed unclaimed bond money?

Instead, they will be encouraged to check the Consumer and Business Services website.

Consumer and Business Affairs Minister Andrea Michaels said there were many reasons why people may not have received their bonds back including forgetting to update their contact details or banking details.

“If you have been a tenant in a rental property and you didn’t receive your bond at the end of your tenancy agreement, we are making it easier for you to get your money back,” Ms Michaels said.

“With the cost of renting in South Australia at an all-time high, this could be an unexpected windfall.”

Nationally the rental market is as tight as it’s been since 2018, with just 1.43 per cent of properties vacant across capital cities.

In Adelaide it’s even worse at just 0.92 per cent, but not quite as bad as Perth on 0.85 per cent.

That has meant renters have faced steep increases as landlords find no end of competition for their properties.

February was the first time since the pandemic began that it became harder to find a rental property in the capital cities over regional areas.

And across the country there are fewer than half the number of available rental properties compared to March 2020.

According to the Consumer and Businesses Services website, claims and validated refunds will be processed within 20 business days “in most cases”.

But more time may then be needed to be allowed for banks to process the funds before they are deposited into recipients’ accounts.

Commissioner of Consumer Affairs Dini Soulio said it was understandable that people had not previously claimed their money.

“Leaving a rental property can be a chaotic time, and sometimes things get missed in

the rush,” he said.

“Bonds will often stay with us because someone has forgotten to update either their contact details or their banking details, and so we have no avenue to return the money.”

Details on reclaiming bond money are at cbs.sa.gov.au/campaigns/unclaimed-

bonds