NSW renters to save thousands as new scheme scraps ‘double bond’ payments

NSW renters will keep more cash in their pockets under the new smart rental bonds program that aims to also keep landlords “fully protected”. The current bond system often leaves tenants scraping together up to $4,000 for a second bond before they can move into a new property and receive their old rental bond. The new scheme leaves the current bonds process unchanged for agents but is expected to stop ‘double bonds’ by streamlining the process for the 330,000 bonds transferred each year. Premier Chris Minns said the optional program aims to stop NSW’s two million renters from paying a double bond while moving house. MORE: Big bank reveals: When real estate crash will end NSW Premier Chris Minns announced the smart bonds program alongside Minister for Parramatta Donna Davis. Picture: NewsWire / Nikki Short MORE: Widow slashes price of deceased estate by $18m “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,” Mr Minns said. “That’s a huge financial hurdle for families already doing it tough. “Smart Rental Bonds removes that barrier by letting renters transfer their bond instead of paying for two at once,” he sa...