ACT explores portable bonds to spare Canberra renters double squeeze
Government will spend nine months exploring portable bonds so renters can transfer deposits to new homes instead of paying two simultaneously.
Canberra renters currently face a bind: their money is locked in an old bond while they scramble to raise $2000-3000 for a new one when they move. The ACT Government has agreed to explore portable bonds, letting renters transfer deposits across properties, but Attorney-General Tara Cheyne says the concept is simple while the scheme is complex.
Questions remain about who pays if a landlord claims against a transferred bond, and building the IT system alone could cost more than $1 million. NSW spent $6.6 million on its scheme and South Australia $7 million over four years.
Around one-third of Canberra households rent, with median weekly rents approaching $710 for a house and $580 for a unit.
- Around one-third
- Renter households in Canberra
- $710
- Median weekly house rent
- $580
- Median weekly unit rent
- $2,000 to $3,000
- Average bond amount
Why it mattersMoving could drain thousands of dollars from working renters when the state could ease that pressure with better portability rules.
AustraliaCanberra renters facing $2000-3000 extra costs per move may eventually get relief if the scheme goes ahead, but it will take at least nine months to design.
✓ Claims checked against the source and corrected before publish. checked 9 h ago
