NSW goes digital with rental bonds
2015-12-04
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.
source: http://www.apimagazine.com.au/api-online/news/2015/12/nsw-goes-digital-with-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.
source: http://www.apimagazine.com.au/api-online/news/2015/12/nsw-goes-digital-with-rental-bonds
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