The Minns Labor Government has helped over 1,800 renting households save thousands of dollars when moving home with more than $5 million worth of bonds transferred through Smart Rental Bonds since its statewide launch last month.
With Smart Rental Bonds available to the more than 2.3 million renters across NSW, the days of the dreaded 'double bond' are now over. The new scheme allows renters to transfer their existing bond from one property to the next, eliminating the need to come up with thousands of dollars upfront every time they move home.
Renters in the Central Coast Local Government Area (LGA) are leading the charge, accounting for one sixth of all bond transfers in NSW. Smart Rental Bonds has also seen a strong uptake in the Parramatta, Penrith, Blacktown and Cumberland LGAs, with over $1 million worth of bonds transferred into or within these areas.
More than 95 per cent of transferred bonds have had no claims made against them, with the remaining five per cent paid by the Government and then invoiced to the tenant.
Around 330,000 renting households move each year, with most tenancies lasting less than two years, meaning thousands of renters face repeated upfront costs when changing homes.
This reform delivers on the Minns Labor Government's election commitment to introduce a portable rental bonds system and provide important cost-of-living relief for renters.
The Minns Labor Government has now delivered on all its promises to make renting fairer. This Government has:
- Banned no-grounds evictions.
- Limited rent increases to once a year.
- Ensured renters have fee-free ways to pay rent.
- Banned fees for background checks.
- Made it easier to have pets in rentals.
- Made changes to support victim-survivors of domestic violence.
- Passed legislation to better protect renters' privacy.
- Established the NSW Rental Commission to enforce these landmark reforms.
To find out more about Smart Rental Bonds, please visit: https://www.nsw.gov.au/housing-and-construction/renting-a-place-to-live/residential-rental-bonds/smart-rental-bonds.
Minister for Better Regulation and Fair Trading Anoulack Chanthivong said:
"The Minns Labor Government made a promise to make renting fairer - and Smart Rental Bonds is the latest way we're delivering it.
"One month on from Smart Rental Bonds' statewide rollout, renters in every corner of NSW are saving millions of dollars.
"This is another example of the Minns Labor Government's commitment to delivering practical cost-of-living relief for renters, providing the security and stability that only Labor can deliver.
"The NSW Liberals failed to introduce this level of reform and transparency at every turn. They're continuing to send a clear message to renters: they don't care about you."
