BENEFITS OF THE NEW ONLINE RENTAL BONDS SYSTEM
As of 30th January this year, new changes came to the Residential Tenancy Act 2010 came into place with the introduction of Rental Bonds Online. The introduction of the system has created a secure and reliable method for tenants, agencies and landlords to lodge, manage and refund bond payments.
For landlords and tenants, registration is mandatory and tenants must now be invited to use the new online system. For tenants, the registration process is quick and easy, the system is easy to navigate and makes the entire bond process more streamlined and effective.
No longer do tenants need to chase up their bond refund once their tenancy has ended and vice versa for landlords at the commencement of a new tenancy agreement. The new system does it all for you.
The new system will create your personalised account with Rental Bonds Online that you can access at any time of day for up-to-date, real time progress of your bond. The new system allows you to:
- Pay your bond directly to NSW Fair Trading with BPAY, Visa or Mastercard
- Check the status and progress of your bond lodgement or refund
- Receive email and SMS phone notifications related to your bond
- Submit a claim to get your bond money refunded online after your tenancy has ended.
The introduction of the new online system will streamline all rental bond transactions, with less double handling between tenants, landlords, agencies and the Department of Fair Trading. It creates a more transparent and smooth bonds process that is much easier for both parties involved.
More information can be found at the NSW Department of Fair Trading FAQs.