Renters in Parramatta will be the first in New South Wales to access the state’s new Smart Rental Bonds scheme from August, allowing eligible tenants to transfer their rental bond between properties without paying a second bond upfront.
The Minns Government says the digital system is expected to save renters around $4,000 each time they move by removing the need to fund two bonds during the transition between homes.
Parramatta has been selected for the first phase of the statewide rollout because it records some of the highest levels of daily bond turnover in New South Wales.
The Smart Rental Bonds system enables eligible renters to digitally transfer an existing bond from one property to another, while maintaining government-backed protection for landlords if a claim is later made against the original bond.
The scheme is due to be introduced across New South Wales in four stages, with statewide access expected by the end of the year.
To qualify, renters must be at least 18 years old, be moving between two rental properties with their current lease ending within four weeks, have no active claim against their existing bond, and agree to repay any future claims made against that bond.
Minister for Better Regulation and Fair Trading Anoulack Chanthivong said the initiative built on the government’s recent rental reforms.
“More than one year on from our landmark reforms that banned no-grounds evictions, it’s clear that the Minns Labor Government is delivering on its promise to make renting fairer.”
He said the new system would reduce the financial burden many renters face when moving home.
“This is the first time in our state’s history that renters will have access to a simple, non-fuss way to transfer their bond when moving house, putting hard-earned money back in their pockets.
“We’re proud to deliver this crucial reform to flourishing communities like Parramatta – and soon, to every single renter in NSW.”
Chanthivong encouraged eligible renters to familiarise themselves with the new system before it begins.
“I encourage renters in these areas to learn how Smart Rental Bonds works so they can take advantage of this cost-of-living measure the next time they move.”
He also contrasted the initiative with previous commitments made by the former Coalition government.
“The Liberals promised this scheme in 2018 and never delivered it. All they gave renters is broken promises. Only a Labor Government can be trusted to create a fairer rental market for everyone.”
Member for Parramatta Donna Davis said the rollout would provide practical financial relief for renters in the area.
“This is an incredibly exciting moment for every renter in Parramatta.”
She said the scheme would help ease the cost of moving between rental properties.
“Now, renters in our community will be able to move their bond between rentals and save up to $4,000 in every transaction – a crucial cost-of-living measure.”
Davis said the reform formed part of the government’s plan to improve the rental market.
“This is all part of the Minns Labor Government’s plan to create a fairer, more transparent property market that works for everyone.”
The Smart Rental Bonds scheme fulfils a New South Wales Labor election commitment to introduce a portable bond system aimed at reducing moving costs for renters while maintaining bond protections for landlords.
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