Smart Rental Bonds Has Launched Statewide, Allowing Renters To Save Up To $4000

Smart rental bonds have been launched statewide and are expected to help renters save up to $4000 when they move.

The new scheme lets renters transfer an existing bond for a $25 fee from one property to the next. Every renter in NSW can now avoid paying thousands of dollars for a second bond when they move home.

“Moving home is expensive enough without having to find thousands of dollars for a second bond while your first one is still tied up,” Premier of New South Wales Chris Minns said.

After a successful first phase of the rollout in the local government areas of Penrith, Parramatta and the Central Coast last month, the new system is now being launched in all areas of NSW.

Almost $1 million worth of bond transfers were successfully made, allowing a statewide rollout earlier than anticipated.

NSW Rental Commissioner Trina Jones said that Smart Rental Bonds is designed to reduce the pressure from moving homes, helping renters avoid the need to find money for a second bond while they’re waiting for their first bond to be returned.

“More than two million people rent in New South Wales. This is a practical change that makes moving home easier and takes one big financial pressure off their shoulders,” the NSW Premier added.

How Does Smart Rental Bonds Work?

Renters can use Smart Rental Bonds through the following steps:

1. Renters will be notified once a landlord or agent lodges a bond request online.
2. The renter logs onto Rental Bonds Online and chooses to either pay their new bond upfront or use Smart Rental Bonds to move their existing bond to the new property.
3. They will then pay a fee of $25.

If the new bond is higher than the old one, the renter will need to pay the difference, but if the
bond is cheaper, they will get the difference back provided there is no agreed claim on the bond.