Source: Australian Capital Territory Policing
The Victorian Government’s Portable Rental Bond Scheme starts today, making it easier and more affordable for the around one million Victorians who rent to move home. Instead of paying a new bond upfront, eligible renters can transfer their bond money to their next rental property.
The Residential Tenancies Bond Authority (RTBA) holds bonds securely as a neutral party on behalf of renters and rental providers. The new service aims to reduce moving costs by helping renters avoid the financial strain of paying a ‘double bond’ when changing properties. This forms part of the Victorian Government’s broader housing reforms.
How it works
The key steps for renters to transfer a bond are as follows:
1. Tell your rental provider or estate agent at the new property that you’ll pay the bond directly to the RTBA.
2. Once your rental provider lodges the bond request, you’ll get an email from the RTBA asking you to review and complete your bond lodgement.
3. If you’re eligible, you need to opt in, agree to the Terms and Conditions and pay a $25 application fee to transfer the bond. If your new bond is higher than your current bond, you’ll need to pay the difference.
The scheme is optional. Renters can still pay their bond directly to the RTBA even if they’re not using portable bonds. Renters can also pay their bond upfront to their rental provider or estate agent.
To learn more about portable bonds, eligibility and how the process works, visit www.vic.gov.au/portable-bonds.