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The NSW government is rolling out a new scheme of smart rental bonds, which will allow some renters to transfer their bonds from one rental to the next when they move house.
The scheme will end the need to save up thousands of dollars for a new bond before the old one is returned, and will begin with a phased rollout for renters in Parramatta, the Central Coast or Penrith local government areas.
Over two million people in New South Wales are renters – one of the highest proportions of the population ever living in rental accommodation.
For a lot of renters, moving home can mean finding another $3,000 or $4,000 before you’ve even had your old bond returned. That’s a huge financial hurdle for families already doing it tough.
