UPDATE: The state government has just announced a groundbreaking change in rental laws with the introduction of a new Portable Rental Bond Scheme, effective immediately. Consumer Affairs Minister Nick Staikos unveiled the Consumer Legislation Amendment Bill 2025 on 15 October 2023, aiming to assist over 736,000 households across the state.
This urgent update addresses the financial burden renters face when moving homes by eliminating the notorious ‘double bond’ payment scenario. Under the new scheme, renters will be able to transfer their existing bond directly to their new rental property, allowing for a smoother and more affordable transition.
The implications are significant: renters will no longer need to pay a second bond upfront while waiting for the first to be refunded. Instead, they can apply online to port their existing bond to their new home, effectively easing the financial strain of relocation.
The government will guarantee the bond amount to the original rental provider until the tenancy concludes and the bond claim is finalized. If a claim is approved, the renter will owe the bond amount to the government, with options to repay either upfront or in installments.
Additionally, the legislation introduces vital protections for renters, ensuring a fairer and safer rental experience. Key measures include:
– Mandatory provision of documentary evidence for bond claims three days prior to lodging a claim.
– Requirements for rental providers to submit supporting documentation when making applications for bond claims to the Victorian Civil and Administrative Tribunal (VCAT).
– A ban on extra fees imposed when paying rent through various methods, including ‘rent tech’ apps.
– Obligations for rental providers and rooming house operators to maintain records demonstrating compliance with mandatory minimum standards.
– Expanding gas and electrical safety checks to all residential rental agreements, regardless of when they commenced.
– Ensuring the health and safety of renters by mandating gas checks before draught-proofing activities, ensuring safe operation of gas appliances.
These reforms are poised to create a more equitable rental market, benefiting millions while enhancing safety and transparency. As the bill takes effect, all eyes are on how these changes will reshape the rental landscape in Australia.
What’s Next: Renters and rental providers should prepare for the new application processes and familiarize themselves with the additional protections and requirements now in place. As this story develops, stakeholders are encouraged to stay updated on potential impacts and further announcements from the state government.
This transformative move is generating significant discussions among renters, advocates, and property owners alike, signaling a pivotal shift in rental regulations that could redefine the rental experience for years to come. Share this news to keep your community informed!
