NSW landlords, agencies mandated to offer online bond lodgement

NSW landlords, agencies mandated to offer online bond lodgement
NSW landlords, agencies mandated to offer online bond lodgement

Self-managing landlords and real-estate agencies must now offer an online bond-lodgement service to residential tenants with new laws coming into effect late January.

From Monday 30 January 2017, changes to the Residential Tenancies Act 2010 made it mandatory for self-managing landlords and agencies to offer the online service to tenants signing a new lease.

NSW Fair Trading introduced Rental Bonds Online November 2015.

It is mandatory for landlords and agencies to register for Rental Bonds Online.

The paper-based method is still available for tenants who cannot access the internet.

Tenants pay their bond directly to NSW Fair Trading with a debit/credit card or BPAY.

Rod Stowe, NSW Fair Trading Commissioner said Rental Bonds Online has been a game-changer for Fair Trading, allowing them to manage residential bond monies more efficiently than ever before.

“It’s also easy and convenient for landlords, real-estate agencies and tenants,” he said.

Should new tenants not be offered the online service by their landlord or real estate agent, they can make a complaint to NSW Fair Trading.

Landlords and agents can register at www.fairtrading.nsw.gov.au.

Tags: 
Rental Bond

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