Portable Bond Transfer System Launches in Parts of NSW
The New South Wales government has launched a pilot program allowing renters to transfer their rental bond directly to their next property in select areas. Previously, tenants had to receive their bond back and pay a new one with each move.
Pilot Program Details
New South Wales has today begun piloting a portable bond transfer system in select areas. This system allows tenants moving from one property to another to transfer their existing bond directly to the new property, rather than receiving it back and paying a new one.
The program is currently available only in selected suburban areas. ABC News did not report specific location names or coverage areas.
Difference from Previous System
Under the existing NSW system, tenants moving properties had to receive their full bond back from their landlord, then pay a new bond to the new property's landlord. This created a period where two bonds were tied up simultaneously, placing a burden on tenants to arrange a large sum of money temporarily.
The new system simplifies this process by designing the bond to move directly from one landlord to the next.
Source
The original article can be found at ABC News. Detailed conditions, application methods, and the full implementation plan for the system have not been announced.
Sources
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