Lodgement and refunds of residential rental bonds will be brought into the digital age, with a new online system launched today by Minister for Innovation and Better Regulation Victor Dominello.
“Each year NSW Fair Trading processes around 540,000 paper-based applications for the deposit and refund of residential bond monies,” Mr Dominello said.
“We are doing away with this cumbersome process by cutting out the middle man and enabling tenants to lodge their bond directly to NSW Fair Trading through an electronic transfer system.”
Mr Dominello said NSW’s Rental Bonds Online is the only scheme in Australia where tenant bond money is deposited directly to the government.
“The new scheme provides tenants with greater confidence that their bond money is securely held in trust, from the moment the payment leaves their account.”
“Rental Bonds Online is expected to reduce red tape for tenants, private landlords and real estate agents by approximately $20 million per year.”
Since a pilot began in July this year, over 2,000 real estate agencies and private landlords have signed up to the new service, with more than 7,000 active accounts established and over $5 million worth of bond money lodged.
Rental Bonds Online is mobile friendly and voluntary for tenants who can opt for paper based lodgements if they wish.
The service also allows tenants to record and save their bond history online, which they can opt to use to support future tenancy applications.
To use the new service an agent or private landlord can register via an online form available at www.fairtrading.nsw.gov.au/RentalBondsOnline or by calling 1800 990 724.