Tenants moving between rental properties are often required to pay a new bond before their previous bond has been refunded. Labor’s Portable Rental Bonds Scheme will end the dreaded ‘double bond’ payment for renters.
Under Labor’s Portable Rental Bonds Scheme, tenants will be able to transfer their existing bond from one property to another, reducing unnecessary financial duplication and saving thousands of dollars in upfront costs.
The scheme introduces a government guarantee model, with the government underwriting the value of the existing bond while the tenant transitions to their new rental property.
South Australia currently has one of the lowest rental vacancy rates in the world, sitting below one per cent. Introducing a portable rental bond is the next step in making life fairer for South Australian tenants.
