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Smart bond to protect landlords amid rental boost
The NSW government has begun testing its new Smart Rental Bonds (SRB) system, allowing tenants to transfer their existing bond to a new property, saving them thousands of dollars.
Under the government’s reforms, tenants will be able to pay a $25 fee to transfer their bond digitally to a new property, avoiding the need to wait for their previous bond to be refunded.
The government said that the system would provide a significant boost to NSW’s 2.3 million renters, whilst maintaining the security and peace of mind landlords enjoy with the bond.
Renters can still opt to pay the new bond in full or use the SRB system to move their existing bond.
If the new bond is higher, tenants will have to pay the difference, while if it is lower, they will get the difference back, provided there is no agreed claim on the bond.
If a landlord makes a claim for damages, the government will pay upfront and recover the cost from the tenant, ensuring property owners face no additional financial risk under the new system.
Minister for Housing Rose Jackson said that for many renters, paying a double bond is an expense many cannot afford.
“It’s creating stress, real hardship and even homelessness for some people struggling in our rental market. This landmark reform is a practical way to save millions of people thousands of dollars,” Jackson said.
“With more people renting in NSW – many of them for extended periods, involving multiple moves – there has never been a more important time to provide this crucial cost of living relief.”
Premier Chris Minns said the reform was designed to make a fairer, simpler rental experience for tenants.
“Every cent counts, and making sure that renters don’t have to put money forward for a bond while waiting for a refund will save them thousands of dollars each time they move,” Minns concluded.
Currently in its testing phase, the NSW Smart Rental Bonds will fully launch in mid-2026.