Renters in Parramatta will be first to experience Smart Rental Bonds with a phased rollout across NSW starting in August.
Penrith and the Central Coast will also be part of the initial rollout.
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 up to $4,000 each time they move home.
Paramatta, the Central Coast and Penrith Local Government Areas have some of the state’s highest rates of daily bond lodgement, with Smart Rental Bonds delivering crucial cost-of-living savings to renters in metropolitan and regional NSW.
“Smart Rental Bondsis about making renting fairer for the thousands of renters in Parramatta,” said Parramatta MP Donna Davis.
“We are so pleased to lead the Minns Labor Government’s phased rollout of this game changing reform, delivering crucial cost-of-living help to those who need it most.”
The system is expected to be rolled out across the state by the end of the year.
Minister for Better Regulation and Fair Trading, Anoulack Chanthivong, said it was a groundbreaking change.
“This is the first time in our state’s history that renters will have access to a simple, no-fuss way to transfer their bond when moving house,” he said.
“We’re proud to deliver this crucial reform to flourishing communities like Parramatta, the Central Coast and Penrith – and soon, to every single renter in NSW.
“I encourage renters in these areas to learn how Smart Rental Bonds works so they can take advantage of this cost-of-living measure the next time they move.
“The Liberals promised this scheme in 2018 and never delivered it. All they gave renters is broken promises. Only a Labor Government can be trusted to create a fairer rental market for everyone.”
Troy Dodds is Parra News' Managing Editor and Breaking News Reporter. He has more than 20 years experience as a journalist, working with some of Australia’s leading media organisations. In 2023, he was named Editor of the Year at the Mumbrella Publish Awards.