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NSW is pushing ahead with an Australia-first portable bond scheme that will allow millions of renters to digitally transfer their bond to their new home. The state government on Monday said an upgrade of the existing rental bond system will soon get underway with the work expected to be completed in 2025. “This scheme will be the first of its kind in the nation,” Minister for Better Regulation and Fair Trading Anoulack Chanthivong said.
The NSW Rental Commissioner is leading the development of the scheme, which is currently out to public tender. The announcement comes after Minns on Sunday revealed the government will pursue laws scrapping no-grounds evictions. Under the plan, landlords who offer a “non-genuine reason” for punting a tenant under the laws could be fined. Minns told the NSW Labor conference in Sydney on Sunday the government expected to introduce legislation in September, making good on a 2023 election promise.
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