Today the NSW government has announced greater protection for tenants through an innovative new online rental bond management service launched by NSW Fair Trading.
The new system, called Rental Bonds Online, will save agents and private landlords time managing bonds and help tenants securely lodge their bond directly with NSW Fair Trading.
At the moment, Rental Bonds are lodged with NSW Fair Trading – often in the form of cheques or cash – who keep the bond safe in trust under the Rental Bond Board, an independent custodian of rental bonds.
This is a cumbersome process and our new, digital service will be quicker, easier and more secure allowing tenants to deposit bond money directly with the government. The new scheme help tenants avoid fraud and know that their bond is in safe hands and securely held in trust, from the moment the payment leaves their account.
Rental Bonds Online is voluntary for tenants who can still opt for paper based lodgements if they wish. The NSW Government is focused on improving government services and making it easier for people to transact with government.
I’m encouraging tenants, landlords and agents across the Heathcote electorate to sign up for Rental Bonds Online.
To use Rental Bonds Online an agent or private landlord can register via an online form on the Fair Trading website or by calling 1800 990 724.
For more information visit www.fairtrading.nsw.gov.au/RentalBondsOnline.