Key Changes to NSW Rental Laws
The NSW Government has introduced major updates to rental laws with the Residential Tenancies Amendment Act 2024, aiming to create a fairer system for both renters and landlords.
Key Changes You Should Know:
- Reason-Based Lease Terminations: Landlords must provide a valid reason to end a tenancy, ensuring more stability for renters.
- Pet-Friendly Rentals: Renters can request to keep pets, with automatic approval if landlords don’t respond within 21 days.
- Rent Increase Limits: Rent increases are now limited to once per year for all leases.
- No Background Check Fees: Renters cannot be charged for applying for properties.
- Flexible Rent Payment Options: Renters can pay via bank transfer or Centrepay without mandatory fee-based apps.
When Will These Changes Take Effect?
- Effective 31 October 2024:
- Annual rent increase cap.
- No fees for background checks.
- Early 2025:
- Reason-based lease terminations.
- New pet ownership rules.
- Extended notice periods for ending fixed-term leases.
- Revised rent payment methods.
A new Rental Taskforce within NSW Fair Trading will ensure compliance with these reforms.
Stay informed and explore the full details of these changes by reading the full article here.
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This article is general in nature and does not constitute financial or credit advice. Individual eligibility for any loan product depends on your personal financial situation and the lending policies of individual lenders, which can change. Your complete financial situation will need to be assessed before acceptance of any proposal or product. Katrina Russell is an Authorised Credit Representative 542497 of Outsource Finance Pty Ltd, Australian Credit Licence 384324.
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