NSW goes digital with rental bonds
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NSW goes digital with rental bonds
Posted on Wednesday, December 02 2015 at 2:23 PM
The New South Wales Government has launched an electronic system for the lodgement and refund of rental bonds.
Victor Dominello, NSW Minister for Innovation and Better
Regulation, says bringing the process into the digital age provides enormous
efficiencies.
“Each year NSW Fair Trading processes around 540,000
paper-based applications for the deposit and refund of residential bond monies.
“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.”
NSW’s Rental Bonds Online is the only scheme in Australia
where tenant bond money is deposited directly to the government, according to
Dominello.
“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.”
A pilot of the scheme began in July this year. Since then, more
than 2,000 real estate agencies and private landlords have signed up to the new
service, with more than 7,000 active accounts established and more than $5
million worth of bond money lodged.
Electronic lodgement is voluntary, with tenants able to choose
paper lodgement 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.
“Rental Bonds Online is expected to reduce red tape for
tenants, private landlords and real estate agents by approximately $20 million
per year,” Dominello says.
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