Central Coast to lead Smart Rental Bonds Roll Out

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Froml left: David Mehan MP, Liesl Tesch MP, Yasmin Catley MP, David Harris MP

The Minns Labor Government has unveiled that renters in the Central Coast Local Government Area will lead the first phase of the Smart Rental Bonds rollout across NSW in August.
Smart Rental Bonds will allow renters to digitally transfer bonds between properties, eliminating the need to fork out thousands of dollars for another bond. This is expected to save renters around $4,000 each time they move home.
The Central Coast has some of the state’s highest rates of daily bond turnover, with Smart Rental Bonds delivering crucial cost-of-living savings to the renters in the area who need it most.
Now is the best time for renters, landlords and agents in the Central Coast to understand how the system will work, with new rules of operation recently made publicly available. To be eligible to participate in Smart Rental Bonds, renters must:

Be at least 18 years old,
Be moving between two properties and have their current lease ending within four weeks,
Have no current claim against their original bond, with most renters expected to be eligible as a claim on a bond is typically made after the old lease has ended,
And ensure they pay back any future claims on the bond.

With Smart Rental Bonds expected to be popular, this is the first of four rollout phases to ensure that all renters in NSW have access to the system by the end of this year.

Renters moving into or within the Central Coast will be able to use Smart Rental Bonds in this initial phase of the rollout.

This reform delivers on the Minns Labor Government’s election commitment to introduce a portable rental bonds system to provide cost-of-living relief for renters and make renting fairer while still protecting landlords through government-backed guarantees for claims against the bond.

For more information on Smart Rental Bonds, please visit: https://www.nsw.gov.au/housing-and-construction/renting-a-place-to-live/residential-rental-bonds/smart-rental-bonds.

The Hon. David Harris Member for Wyong said, “This is a significant change for renters residing in the Wyong electorate and across the Central Coast, allowing the flexibility to transfer their bond between rentals can ease the rental process and save a substantial amount of money. “The change aims to make the renting more affordable and accessible for all members of the community.”

The Hon. Yasmin Catley Member for Swansea said, “Central Coast renters elected the Minns Labor Government to build a fairer rental market, and we are delivering on that promise.
“We fought hard to deliver these changes, and now I urge every renter to know what’s available to them. Understanding your rights is the first step to making sure you benefit from these stronger protections.”

David Mehan Member for The Entrance said, “It’s great to see the Central Coast included in the first phase of the Smart Rental Bonds rollout. By removing the need to pay two bonds at once, this reform will ease the cost of moving and help keep thousands of dollars in renters’ pockets.
“I’m proud to be part of the Minns Labor Government delivering on our commitment to make renting fairer and more affordable for NSW renters.”

Liesl Tesch Member for Gosford said, “This will be a welcome and significant leg-up for renters on the Central Coast, which ranks among the highest for rental property turnover.
“The new scheme will relieve the anxiety of having to find money for another bond deposit when you’re between rentals.
“Moving properties is stressful and costly enough, without having to replicate the bond up front for any new place you find, while the old bond sits locked away until the lease expires.”

The Hon. Anoulack Chanthivong Minister for Better Regulation and Fair Trading said, “More than one year on from our landmark reforms that banned no-grounds evictions, it’s clear that the Minns Labor Government is delivering on its promise to make renting fairer.
“This is the first time in our state’s history that renters will have access to a simple, non-fuss way to transfer their bond when moving house, putting hard-earned money back in their pockets.
“We’re proud to deliver this crucial reform to flourishing communities like the Central Coast – and soon, to every single renter in NSW.
“I encourage renters in these areas to learn how Smart Rental Bonds works so they can take advantage of this cost-of-living measure the next time they move.
“The Liberals promised this scheme in 2018 and never delivered it. All they gave renters is broken promises. Only a Labor Government can be trusted to create a fairer rental market for everyone.”

Image: From Left David Mehan MP, Liesl Tesch MP, Yasmin Catley MP, David Harris MP