From 1 July, renters will be able to choose to move their existing bond when moving to their next rental home under the Victorian Government’s new Portable Rental Bonds Scheme (PRBS).
This new scheme means you don’t have to wait for your bond to be refunded to pay the bond on your new rental property. This can help reduce your costs when moving.
If the landlord makes a claim on your bond, the government guarantees the existing bond amount to the landlord until the claim is resolved. This means you repay any claim amount to the government, not your landlord.
The scheme is optional and will continue to be managed by the Residential Tenancies Bond Authority (RTBA). An application fee applies to renters.
To be eligible, all the renters on the existing bond must be on the new bond. If the new bond is higher than your previous bond, you’ll need to pay the difference, and if it’s less, you’ll get a refund.