Rent payment options

New payment options coming on the 11th March 2019!

Cubbi will offer the following rent payment options:

  • Direct Debit
  • Instant bank transfer (on the NPP) -  NEW
  • BPAY -  NEW

However from a lease perspective a tenant may be forced to have a Direct Debit set up as part of the terms of tenancy. For example the owner may agree to have a tenant move into the property based on them having a Direct Debit set up for rent payments. We call this 'Forced Direct Debit'. The pay options (BPAY and NPP) are still available and work as normal however from a practical stand point a tenant might only use the other two pay options for one-off items like water or if a Direct Debit has failed.

If a tenant is on Forced Direct Debit the owner can turn this off within Cubbi enabling the tenant to turn their Direct Debit schedule off (and of course will be responsible to pay the rent using one of the pay options). 

All existing tenancies in Cubbi are currently on 'Forced Direct Debit' as the only payment method on the leases are 'Direct Debit'.

Pay Options:

Direct Debit

A Direct Debit is where the payment is initiated by Cubbi (not the tenant inside their own banking app). When a Direct Debit is set up, it is scheduled to be initiated x days before the Rent Due date. (5 days by default as payments take 3 business days to clear). Tenants are able to freely change the number of days before the rent due date a Direct Debit is initiated.

Tenants can also go into Cubbi to initiate one-off Direct Debit payments anytime. This might be used to pay any one-off bills like water to an owner for example. 

Tenants may also like to set up a Direct Debit for the simple reason that regardless if the rent amount changes or the tenancy is coming to an end, the correct amount of rent will always be debited x days before the rent due date. And hence never late in rent (as long as enough funds are in the account of course).

Instant bank transfer (NPP) 

Instant bank transfers on the NPP are initiated by the tenant inside their own bank account. However instead of paying a BSB and Account Number they will pay to a 'PayID' and use a special reference number provided inside their Cubbi dashboard (this reference number will also be the same the BPAY reference number). If the wrong reference number is used the funds will go straight back into the tenants bank account within seconds (unless the reference number is already known in Cubbi).

Payments on the NPP are made in real time 24/7, 365 days a year. Approximately 30 seconds for the money to reach Cubbi. 
To pay rent via the NPP your bank must offer NPP-enabled payments, you may need to set up a PayID and they may set daily limits (separately to your normal daily limits). Read more about NPP here.

BPAY

BPAY payments are initiated by the tenant inside their own bank account (like bank transfers on the NPP) although processing times are 1-2 business days. Additional info: If the payment is made by the tenant before 9pm, the payment should clear in Cubbi on following business day.

---------------------- Current Options below ---------------------- 

We have two Direct Debit options:

1. Automatic Payment

On the day rent is due, the rent is automatically deducted from tenants bank account. This is the default setting.

2. Approve Payment

On the day rent is due, the tenant receives an sms and email to approve the payment before it is deducted.

Both options are Free

By law a landlord must provide one free way to pay rent. Both of these methods are free therefore a landlords responsibility is upheld. The only possible fee the tenant may get charged is a dishonour fee by their bank if a payment fails (roughly $5 - $20).

Changing payment methods

Send us a message about changing the payment method. The other party (Landlord/tenant) will need to be aware and agree prior to change taking place.