Since NSW Fair Trading introduced Rental Bonds Online in November 2015, more than $123 million in bonds have been processed through the portal.
The Rental Bonds Online service, which is mandatory for self-managing landlords and real estate agencies, is aimed at improving the bond system and promote transparency.
Since the launch of the service, more than 7,000 agencies and landlords have signed up, resulting in more than 76,000 active accounts.
NSW Fair Trading is hopeful the service will not only make the bond process easier for all parties, it will also make it harder for tenants and landlords to be cheated.
The launch of the Rental Bonds Online service comes after Consumer Affairs Victoria commencing criminal proceedings against two Victorian agents who were allegedly embroiled in a scandal last year that left home owners and tenants millions of dollars out of pocket.
With transparency a hot button topic in the property industry, the move by NSW Fair Trading to enforce mandatory use of Rental Bonds Online may help combat dodgy dealings and make tenants feel their bonds are being handled in a more secure manner.
“Rental Bonds Online has been a game changer for Fair Trading, allowing us to manage residential bond monies more efficiently than ever before,” NSW Fair Trading Commissioner Rod Stowe said.
“It’s also easy and convenient for landlords, real estate agencies and tenants.”
Tenants who have access to the internet can pay their bond directly to NSW Fair Trading using the system.
They can also check the status and progress of the bond, or refund, at any time and sign up for email and text notifications.
Tenants without access to the internet can opt for paper documentation.