The Minns Labor Government has now helped over 3,700 renting households transfer more than $10 million worth of their bonds using Smart Rental Bonds in less than two months since its statewide launch.
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.
Exclusive new consumer insights from the Department of Customer Service also show 90 per cent of renters who are yet to move say they would use Smart Rental Bonds next time. Overwhelmingly, renters said they are likely to use Smart Rental Bonds to ease the upfront cost of a second bond.
Renters in the Central Coast Local Government Area (LGA) continue to lead the charge, accounting for almost ten per cent of all bond transfers. Smart Rental Bonds has also seen a strong uptake in the Parramatta, Penrith, Blacktown. Sydney and Cumberland LGAs, with over $2.5 million worth of bonds transferred into or within these areas.
More than 90 per cent of transferred bonds have had no claims made against them, with the remaining ten per cent with finalised bond claims paid by the Government and then invoiced to the renter.
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 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 just one way we’re delivering.
“This $10 million milestone is a real vote of confidence in Smart Rental Bonds, providing a practical tool that renters have been calling for to take pressure off their household budgets.
“We know so many renters are doing it tough in the tight housing market, and we understand that frustration. We want renters to take full advantage of the cost-of-living measures available to them, including Smart Rental Bonds.
“The NSW Liberals promised a portable bond rollover scheme in 2018 and never delivered. They’re continuing to send a clear message to renters: they don’t care about you. These are changes only Labor can make.”
