Moving home can be exciting, but for many renters, paying a new bond before receiving a refund on their previous one can create financial pressure. That's exactly what Victoria's new Portable Rental Bond Scheme (PRBS) aims to address.
Introduced by the Victorian Government, the scheme allows eligible renters to transfer an existing bond held by the Residential Tenancies Bond Authority (RTBA) to a new rental property, helping eligible renters avoid paying two rental bonds at the same time.
What is the Portable Rental Bond Scheme?
The Portable Rental Bond Scheme is a Victorian Government initiative designed to make moving between rental properties a little easier for eligible Victorian renters.
Rather than paying a new bond while waiting for their previous bond to be refunded, eligible renters can apply to transfer their existing RTBA-held bond to their next rental property, helping reduce some of the upfront costs that can come with moving.
How does it work?
Once you've secured your new rental property and confirmed you're eligible, you can apply through the RTBA to transfer your existing bond. Any difference between your current bond and your new bond will be managed as part of the transfer process.
It's also worth letting your property manager or rental provider know early on if you plan to use the scheme, so they can help guide you through the next steps.
Who is eligible?
Eligibility requirements apply, and not all renters or bond arrangements will qualify for the scheme.
Before applying, renters should review the current eligibility criteria to determine whether the scheme is suitable for their situation.
What does it mean for rental providers?
For rental providers, the introduction of the Portable Rental Bond Scheme doesn't change the existing bond claim process. If you have any questions about what the scheme means for your investment property, your Nelson Alexander property manager is always here to help.
Making your next move a little easier
Moving home comes with plenty to organise, and paying two rental bonds at once can add unnecessary financial pressure. The Portable Rental Bond Scheme offers eligible renters another option when planning their next move, helping make the transition between homes a little more manageable.
Whether you're moving into a Nelson Alexander managed property or looking to better understand how the scheme works, our team is here to help. For the latest eligibility requirements and information about the Portable Rental Bond Scheme, visit the RTBA website.
