Legal Updates
NSW's Portable Bond Scheme: Transfer Your Bond Without Double Payment
Bondinator Team· Content Team
··3 min read
The Minns Labor Government is investing $6.6 million to develop and deliver the nation's first Portable Rental Bonds Scheme, revolutionizing how renters move between properties in NSW.
The Double-Bond Burden Ends
Currently, renters face an impossible financial squeeze when moving. There is a turnover of more than 330,000 tenancies every year across the state, with the average tenancy 1.6 years. With average moving costs hitting $4,000, the requirement to pay a new bond before receiving the old one creates genuine hardship.
How Portable Bonds Work
The Portable Rental Bonds Scheme will be a financial relief measure which makes it easier for renters when moving by allowing eligible tenants to digitally transfer their existing bond to their new rental home.
Key features:
Eligibility and Process
This new scheme maintains the integrity of the bond system ensuring homeowners have security while improving cashflow and reducing financial stress for renters.
The system will:
National First
"This scheme will be the first of its kind in the nation", positioning NSW as a leader in rental reform. Other states are watching closely, with similar schemes likely to follow.
Financial Impact
For the average renter paying $600 weekly rent:
Timeline and Implementation
The Rental Commissioner is leading the development of the Scheme which is currently out to public tender. Development will involve an upgrade of the existing rental bonds system and work is expected to be completed in 2025.
Preparing for the Change
While waiting for implementation:
Bondinator helps you maintain the perfect rental record needed for smooth bond transfers. Capture comprehensive property conditions at move-in and exit, creating professional reports that prevent unfair bond claims. With organized documentation, you'll maximize your chances of qualifying for instant bond transfers when the scheme launches.