The Minns Labor Government has unveiled that renters in the Penrith 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. 

Penrith 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 Penrith 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 Penrith 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.

“We’re proud to deliver this crucial reform to flourishing communities like Penrith – and soon, to every single renter in NSW. 

Member for Penrith Karen McKeown said:

“This is exciting news for every renter in Penrith.

“Now, renters in our community will be able to move their bond between rentals and save up to $4,000 in every transaction – a crucial cost-of-living measure.

“This is all part of the Minns Labor Government’s plan to create a fairer, more transparent property market that works for everyone.”