New bond scheme a positive change for renters
Media release: New scheme will save Victorian renters from financial pain
1 July 2026
Victoria’s new Portable Rental Bond Scheme (PRBS) removes one of the biggest up-front moving costs for renters, according to Tenants Victoria.
Renters have until now been forced to pay thousands of dollars for a new bond before receiving the refund from their previous rental home, but from today eligible renters can choose to move their existing bond to their new home.
Tenants Victoria CEO Jennifer Beveridge said the scheme makes a massive difference for renters navigating a tough housing market.
‘This is one of the biggest positive changes for renters in years,’ Ms Beveridge said.
‘Moving is stressful enough without having to find thousands of extra dollars to pay a new bond. At the same time people are scraping together rent in advance, facing moving costs and often still paying rent on the property they’re leaving – this can amount to thousands of dollars in one hit.
‘This reform makes that process fairer – it means renters have access to their own money at a time when they really need it and won’t be left out of pocket waiting for a refund. For the state’s approximately 657,000 rental households, this is a massive relief given the heavy financial burden and administrative hassle of moving.’
Under the scheme, eligible renters can opt in to move their existing bond to a new rental property. The Victorian Government guarantees the existing bond amount to the rental provider until any claim is finalised.
The government will cover any claims against the old bond, and the renter will then pay the government, not the rental provider.
‘The bond is the renter’s money, and this scheme means they can access their own money when it is needed most,’ Ms Beveridge said.
‘If there’s a successful claim against the bond, the rental provider is guaranteed payment, giving the renter time to repay the amount.’
‘With Victorian renters facing so many financial pressures when moving, this practical change removes some of the stress and uncertainty.’
While the scheme is a welcome step, Tenants Victoria will keep pushing for further action on rental affordability, security and standards.
Media inquiries: matt@hortonadvisory.com.au