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MyBond – a start up journey to scale up to support the underdog renters and the community

MyBond CoFounders : CEO Ray Dib ꜰᴀɪᴄᴅ, ꜰɢɪᴀ with COO Joshua Theeuf & CTO Matt Stone

Bond with the Tenants 

People move for all sorts of reasons, such as moving closer to work, school, and university, into a larger place to accommodate a growing family or start a new life. But, moving costs money, and these expenses quickly add up. With rental bonds running into the thousands on top of all the other moving expenses, this can be a barrier to people moving into new accommodation to suit their changing life circumstances. 

MyBond was founded in 2021 by Ray Dib, Joshua Theeuf and Matt Stone. The founders of MyBond are experienced entrepreneurs in the finance and technology industries. MyBond helps by cutting the cost of moving. As hands-on entrepreneurs, they are well versed in nurturing start-ups to grow and mature into successful businesses and are passionate about helping people improve their lives and financial situations.

As people’s lives change, MyBond wants to join their journey. They support people to make a change, take control and open up options for managing finances whilst moving houses. MyBond is a fintech with a heart by making renter’s lives easier by disrupting the rental market, giving people flexibility and choice in how they pay and manage their rental bond and allowing someone to control where they want to live and when they want to live there.

Their motto “one week only” means that people pay one week’s rent, and MyBond takes care of the rest. Their vision is to be the preferred and trusted partner throughout a renter’s life.

Since launching in March 2021, MyBond has helped over 1,500+ everyday Australians in New South Wales, Victoria and Queensland.


Building trust and authenticity 

A challenge to begin with, like all new businesses, is gaining the customer’s trust. Early on during their journey, tenants were apprehensive about the service, claiming it to be too good to be true or questioning legitimacy. MyBond implemented reviews on Google and TrustPilot to validate their credibility. Further, to simplify the process of their services, MyBond created demonstration videos.

Another major challenge were the real estate agents. While their questions and concerns were similar, they needed transactional credibility to associate with us. For them it was more of adding business value to the whole process of onboarding tenants through MyBond. MyBond helped the agents by taking the responsibility of owning and chasing the bond from tenants. 

Also, there is a stigma in the general assumption that this service is only for tenants who cannot afford or don’t have money. MyBond is for all renters. They do not have a persona on their renters or predefine them, as, at any point in time, one’s circumstances can change, and there will be a purpose to rent. As a result, their customer base consists of many segments from senior executives, single parents, and university students. 


Drivers for business and growth

The roadmap to MyBond’s success is mindset, structure, brand, marketing, technology, sales and delivery.

Their mindset is strong for serving the underdog: the tenant, to make their rental journey easy and happy. They instil this internally in their staff to have Accountability, High Standards & Targets, Putting the Customer First, Enthusiastic and Positive, Inclusive, Pragmatic, Curious and Open. 

MyBond is an ambitious organisation with a singular goal of financing 10% of all new rental bonds in Australia. To ensure a consistent inflow of new customers, MyBond implements an integrated brand and marketing campaign built on brand awareness and understanding of the MyBond value proposition. 

MyBond has a straightforward business model fueled by technology, structure, and delivery that can easily scale while remaining profitable. The primary source of revenue comes from new customers who pay their fees to MyBond. From modest revenues in FY22, MyBond expects to grow to achieve strong revenues rapidly. MyBond assumes a uniform market penetration rate, climbing from 2.5% in Year 1 to 5% by Year 3. Longer-term forecasts show that annual revenues in excess of $100 million are achievable with strong margins. The primary drivers for growth are expansion into new states and territories and growth within each market to reach a uniform penetration rate of 10%. 

The roadmap to MyBond’s success is centred around the tenant. With tenants globally being the largest underserved market, there is a massive opportunity to take tenants on a journey from renting their first property to buying their first house and everything in between. 

 
Scaling for Expansion 

The hardest part of growing MyBond to what it has become today has been stakeholder management— ensuring that they provide a solution that addresses the needs of their customers, the regulator, and real estate agents. Scaling to new locations is another challenge. They are currently limited to servicing New South Wales, Queensland and Victoria, with all other states still in negotiations as the demand for their service grows. They are constantly looking to raise debt to fuel their growth and pursuing partnership opportunities to expand their footprint. MyBond is investing & innovating in their back end to improve models and pilots that focus on actual outcomes rather than outputs, such as automation to make their financial product user-friendly, seamless and ergonomic.


The Road Ahead and building a fintech with a Heart

MyBond is currently developing insurance products, in-going and outgoing inspection tools for tenants, a tenancy report card and launching 2023 a home loan product. 

An ancillary service currently being explored is rental property selection for real estate agencies. For example, suppose they can tell an agent how much they should expect to get back from a given property. In that case, agents can be more selective on the properties they wish to manage and provide property investors with an insight into their investment returns before purchasing the property.

MyBond’s founders are focused on business execution while also acknowledging the broader social obligations of any business. MyBond believes that housing is a fundamental human need and that people in crisis frequently require safe housing. MyBond already collaborates with charities that assist families who have been victims of domestic violence. MyBond will be renowned for its contribution to environmental, social, and governance (ESG) stewardship.

Families have been quickly relocated to safe housing thanks to the speed and efficiency of MyBond’s digital platform. MyBond hopes to expand this work to include all underserved communities. Tenant advocacy will be a critical component of MyBond’s charitable efforts. MyBond will raise tenant rights awareness and level the playing field in the rental market.

MyBond is a pure digital player, therefore they minimise their impact on the Environment by being paperless and use sustainable energy to fuel their business and systems. MyBond invests in marketing, and they have adopted Technology as a source and catalyst.

MyBond’s Social Enterprise is enriched by its collaboration with local services and non-profit organisations to assist individuals and families who have been victims of domestic abuse or displaced as a result of homelessness in settling into a new life by offering a new method of paying the initial bond. A program whereby the tenant only pays MyBond’s fee of one week’s rent over 10 months interest-free, fee-free. 

A member of FinTech Australia, PropTech Association Australia and Australian Financial Complaints Authority ensures MyBond adheres to ethical standards, and professional practise and management in Governance.

“Overall, MyBond is committed to improving families’ lives and finances while supporting our diverse Australian community. Ultimately, it’s all about giving people flexibility and choice in how they pay and manage their rental bond and allowing someone to control where they want to live and when they want to live there.” – Ray Dib

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Need help with your rental bond at your next property? MyBond takes the stress out of having to pay your rental bond, with just a small flat fee of just one week’s rent or as little as $150*. For more information, contact us today at 1800 342 324 or email us at support@mybond.com.au. 

MyBond, simple, easy, fast. 


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Terms and Conditions of Affiliate Program

Please read and agree to our Affiliate agreement Terms and Conditions.

MyBond Affiliate Program Agreement

This MyBond Affiliate Program Agreement (Agreement) comprising the Schedule below and the attached Terms and Conditions is made on the date specified in the Schedule between MyBond Pty Ltd ABN 27 644 744 972 (MyBond) and the real estate agent specified in the Schedule (the Agency).

1. Appointment

1.1 Appointment: MyBond appoints the Agency to make Referrals to MyBond on the terms in this Agreement. The Agency accepts MyBond’s appointment on the terms of this Agreement.

1.2 No exclusivity: The appointment of the Agency is on a non-exclusive basis. The appointment does not limit other methods by which MyBond may promote its Services or to reach Prospective Customers.

1.3 Relationship: The Agency is an independent contractor to MyBond. Nothing in this Agreement has the effect of creating a relationship of employer and employee, partners, principal and agent, or joint venturers between MyBond and the Agency.

1.4 Term: This Agreement commences on the Commencement Date and continues until terminated in accordance with the terms of this Agreement.

2.1 General: The Agency must:

2. Agency’s obligations

  1. disclose to a Prospective Customer when making a Referral that it is a referrer for MyBond and will receive a commission;
  2. make Referrals with due skill and care;
  3. comply with all reasonable and lawful instructions of MyBond in relation to Referrals;
  4. comply with all applicable laws and legal obligations;
  5. not allow its interests to conflict with its obligations and duties under this Agreement;
  6. not hold itself out as having authority, or do any act that might reasonably create the impression that it has authority, to bind MyBond in any way;
  7. not make any commitments or incur any liability for or on behalf of MyBond;
  8. not make or give any representations, warranties or other promises regarding MyBond or its Services;
  9. not produce any promotional material for MyBond or its Services without the prior approval of MyBond;
  10. not charge a Prospective Customer a fee for the Referral; and
  11. not use MyBond's name, logo or trade marks without the prior approval of MyBond.

2.2 Privacy: Before providing Personal Information about a Prospective Customer who is an individual to MyBond under this Agreement, the Agency must ensure that it may do so in compliance with applicable privacy laws and the privacy policy of the Agency.

3. Commission

3.1 Entitlement: The Agency is entitled to a Commission for each Successful Referral.

3.2 Amount: The amount of Commission payable by MyBond to the Agency is set out in the Schedule.

3.3 Invoice: Within 10 Business Days after the end of each calendar quarter, MyBond will provide the Agency with a Recipient Created Tax Invoice for that calendar quarter which will specify the Commission payable in respect of that calendar quarter, together with any applicable GST. The Agency must not provide an invoice to MyBond for Commission.

3.4 Payment: MyBond must pay the Commission in respect of a calendar quarter within 20 Business Days after the end of that calendar quarter.

3.5 Clawback: If MyBond does not receive a refund of the full amount of the rental bond for which MyBond has provided the Services, the Commission paid by MyBond for that Successful Referral must be refunded to MyBond on demand. MyBond may debit the amount of any refundable Commission from any future payments of Commission under this Agreement.

3.6 Effect of termination: The ending of this Agreement does not affect MyBond's obligation to pay Commission to the Agency in relation to any Successful Referrals which have been made before the end of this Agreement.

3.7 Discount: In addition to paying the Commission, MyBond agrees that for a Successful Referral, it will discount by $20 the amount payable by the Prospective Customer to MyBond as the fee for the Services.

4. Representations and warranties

Each party represents and warrants to the other that:

  1. it has full authority to enter into this Agreement;
  2. it is not bound by any agreement with any third party that may adversely affect this Agreement;
  3. it has and will maintain all necessary powers, authority and consents to enter into and fully perform its obligations and duties under this Agreement; and
  4. it has complied and will comply with all applicable laws binding on it.

5. Confidentiality

5.1 Obligation: Each party (the Recipient) must keep confidential any information relating to the other party or the terms of this Agreement unless an exception applies.

5.2 Exceptions: The obligations of confidentiality under this Agreement do not extend to information that is (whether before or after this Agreement is signed):

  1. rightfully known to the Recipient at the time of disclosure and there is no obligation of confidentiality on the Recipient;
  2. generally and publicly available (otherwise than as a result of a breach of this Agreement);
  3. required to be disclosed by law or court order; or
  4. required to be disclosed in connection with any legal proceedings relating to this Agreement.

5.3 Consent: If the party to whom the information relates has consented in writing before the disclosure of that information, then that disclosure does not contravene clause 5.1.

6. Termination

6.1 Notice: This Agreement can be terminated by either party without cause by giving the other party not less than 7 Business Days written notice of termination.

6.3 Survival: The following clauses survive termination or expiry of this Agreement: clauses 3.7, 5, 7, 8, and 9.

6.4 Effect: The ending of this Agreement does not affect any rights, remedies, obligations or liabilities of the parties that have accrued up to the date of termination or expiry.

7. Governing law and jurisdiction

7.1 Governing law: This Agreement is governed by the law applying in New South Wales.

7.2 Jurisdiction: The parties submit to the non-exclusive jurisdiction of the courts of New South Wales with respect to any proceedings that may be brought at any time relating to this Agreement.

8. Other provisions

8.1 Notices: Any notice or other communication (Notice) given or made under this Agreement must be in writing and must be sent by email to the email address of a party specified in the Schedule, or to the email address last notified by the intended recipient to the sender. A Notice will be taken to be duly given or made on the same day of sending unless the sender receives notice that the email has not correctly been delivered.

8.2 Amendment: An amendment or a variation of any term of this Agreement must be in writing and signed by each party.

8.3 Counterparts: This Agreement may be executed in any number of counterparts. Each counterpart is an original but the counterparts together are one and the same Agreement.

8.4 Electronic execution: This Agreement may be signed electronically.

8.5 Costs: Each party must pay its own costs and expenses in respect of negotiating, preparing, signing, delivering and performing this Agreement and any other agreement or document entered into or signed under this Agreement.

8.6 Entire agreement: This Agreement is the entire agreement and understanding between the parties on everything connected with the subject matter of this Agreement, and supersedes any prior agreement or understanding on anything connected with that subject matter.

8.7 Assignment and other dealings: A party must not assign, novate or deal with any right or obligations under this Agreement without the prior written consent of the other party, whose consent must not be unreasonably withheld.

8.8 Further assurances: The parties must promptly execute and do all acts and things necessary or desirable to implement and give full effect to the provisions and purpose of this Agreement.

8.9 Severability: If anything in this Agreement is unenforceable, illegal or void, then it is severed and the rest of this Agreement remains in force.

8.10 Waiver: A single or partial exercise or waiver by a party of a right relating to this Agreement does not prevent any other exercise of that right or the exercise of any other right.

9. Definitions

In this Agreement, the following definitions apply unless the context indicates otherwise:

Agreement means this document, including the Terms and Conditions and the Schedule.

Business Day means a day that is not a Saturday, Sunday or a public or bank holiday in New South Wales.

Commencement Date means the commencement date of this Agreement specified in the Schedule.

Commission means the commission payable under clause 3.

Contact Details means the contact details of a person including name, phone number, email address and any other items specified by MyBond.

GST has the meaning given to it in the GST Act

GST Act means A New Tax System (Goods and Services Tax) Act 1999 (Cth).

Personal Information has the meaning given to the term under the Privacy Act 1988 (Cth) and includes Contact Details.

Prospective Customer means a person who may be interested in using the Services.

Recipient Created Tax Invoice has the meaning given to it in the GST Act.

Referral means the provision to MyBond from the Agency of the Contact Details of a Prospective Customer.

Schedule means the Schedule to this Agreement.

Services means the services provided by MyBond of providing financing facilities for rental bonds.

Successful Referral means that a Prospective Customer uses MyBond for Services.