Snug refunds the cash bond using the allocations entered on your BondCover application. On application, the distribution defaults to split between all tenants equally. However, this can be updated in your application if required.
The first annual Snug fee is deducted from the primary tenants bond refund.
For a $1500 cash bond where there are two tenants listed on the lease, Sally and Harry. Both contributed $750 each to the bond and Sally applied for BondCover as the primary tenant.
- Sally would be refunded $640 ($750 bond refund less the $110 BondCover fee)
- Harry would be refunded $750