NSW renters can now transfer an existing bond to a new home instead of finding thousands of dollars for a second payment while waiting for the first to be returned.
The state government has expanded its Smart Rental Bonds scheme across NSW after an initial rollout in the Penrith, Parramatta and Central Coast local government areas last month.
Almost $1 million in bonds has been transferred through the system, allowing the statewide launch to proceed months earlier than expected.
Renters who receive an online bond request from a landlord or agent can log into Rental Bonds Online and choose between paying the new bond upfront or transferring their existing bond for a $25 fee.
They must pay the difference if the bond on the new property is higher. If it is lower, the renter will receive the difference, provided there is no agreed claim against the original bond.
The government estimates the system could save renters from having to find up to $4,000 when moving.
Renters who receive an online bond request from a landlord or agent can log into Rental Bonds Online and choose between paying the new bond upfront or transferring their existing bond for a $25 fee
Premier Chris Minns said the change addressed a recurring cost faced by households changing homes.
“Moving home is expensive enough without having to find thousands of dollars for a second bond while your first one is still tied up,” Mr Minns said.
“For a family or household already juggling the rent, groceries, power bills and everything else, that’s a lot of money to find at once.”
Mr Minns said more than two million people rented in NSW.
“This is a practical change that makes moving home easier and takes one big financial pressure off their shoulders,” he said.
Where a landlord makes a finalised claim against the original bond, the NSW government will pay the landlord and recover the money from the renter. The government says this means landlords will not carry the financial risk created by a bond transfer.
Housing Minister Rose Jackson said the overlap between paying a new bond and receiving the previous one could place renters under considerable pressure.
“The cost of paying a new bond before the old one is refunded can create significant financial pressure for renters moving home,” Ms Jackson said.
“Building greater housing stability for renters across the State requires practical changes that make moving home simpler, fairer and less financially burdensome.”
She said the portable bond system was one part of the government’s rental reforms.
“We know there’s more work to do, but allowing renters to save thousands of dollars by transferring their bonds between properties is a key part of our plan to make renting fairer,” Ms Jackson said.
The system fulfils a Labor election commitment and follows changes including a ban on no-grounds evictions, limits on rent increases to once a year, requirements for fee-free rent payment options and a ban on fees for rental background checks. The government has also changed the process for renters seeking to keep pets.
Better Regulation and Fair Trading Minister Anoulack Chanthivong said the initial rollout showed the transfer system was operating successfully.
“Smart Rental Bonds is here – and it’s working to save renters money every day,” Mr Chanthivong said.
“Now, every renter in the state can access this landmark cost-of-living relief.”
He urged tenants to consider using the transfer option the next time they changed homes.
“So, our message is clear: next time you move property, avoid the dreaded double bond and take advantage of Smart Rental Bonds to save yourself thousands of dollars,” he said.
“The Minns Labor Government promised to make renting fairer, and Smart Rental Bonds is just the latest way we’re delivering on that promise.”
NSW Rental Commissioner Trina Jones said the scheme was intended to reduce one of the immediate expenses associated with moving.
“Moving home is already one of life’s more expensive and stressful events. Smart Rental Bonds is designed to reduce that pressure by helping renters avoid the need to find money for a second bond while they’re waiting for their first bond to be returned,” Ms Jones said.
“We’re pleased to be rolling this out statewide and look forward to seeing more renters benefit from a simpler, more flexible bond system as it expands across NSW.”
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