The changes aim to cut the number of renters facing "double bond" – needing to pay bond to secure a new rental before receiving the bond refunded from their previous home – by having the bond board digitally transfer from one property to another.
The NSW government will invest $6.6 million to develop and deliver Australia's first Portable Rental Bonds Scheme.
Tenants in NSW will soon oon be able to directly transfer their bond over to a new property when they move home, . (Photo by ROB HOMER SPECIAL 103506) (Rob Homer) (Nine)Premier Chris Minns says the measure - aimed to be up and running by next year - is aimed at providing cost-of-living relief amid high rents, low vacancy rates and high inflation.
"Moving house is one of the most stressful things you can do, not to mention expensive for many renters," said Minns.
"The process can leave renters out of pocket, for up to several weeks.
"The NSW Government's portable bonds scheme will give cost of living relief to renters moving homes, by making sure they don't have to set aside extra money while they wait for their bond to be refunded."
The suburb costing renters over $1300 a week
Tenants are also faced with an average moving cost of $4000 and the prospect of having to pay a new bond before their old one is returned.
The government says the new scheme maintains the integrity of the bond system, ensuring homeowners have security while improving cash flow and reducing financial stress for renters.
Minns yesterday announced at the NSW State Labor Conference that landlords are soon to be banned from evicting tenants without "reasonable grounds" under long-promised reform to protect renter rights.
