00:02Competing for a rental is stressful enough, but finding the money for a new bond before
00:07your old one's been returned can really break the bank.
00:10To potentially be out of pocket four grand while you're waiting for the previous two
00:15grand to come back into your account is not a position that is accessible to everybody.
00:20Government's begun an education campaign ahead of the scheme's launch mid-year.
00:25A tenant will be able to transfer their existing bond to a new property.
00:28Once they pay a $25 application fee, if their new rental has a higher bond, the tenant
00:34will have to pay the difference, but they won't have to find a new lump sum.
00:39That saves thousands of dollars not having to pay two bonds at once, on top of removalist
00:44costs, on top of cleaning costs.
00:47And because the bond's been transferred, if the original landlord claims for damage, it'll
00:51be paid by the government, which will then bill the tenant.
00:55We only pay if it's agreed.
00:56If it's not agreed, renters and landlords go to NCAP.
00:59The Tenants Union says it's a big win, with one exception.
01:03We don't support the $25 charge, particularly for people on lower incomes.
01:08The portable bond scheme was one of the Premier's election promises, and three years in, it's
01:13still not up and running.
01:14But given the government will be controlling more than $2 billion worth of bonds, Chris Minns
01:20says he won't risk rushing it.
01:21Rolling it out area by area.
01:23I mean, we can't afford to get this wrong.
01:25Any glitches could mean more stress for more than two million renters.
01:30See you soon.
01:32You
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