6 days Ago By Taylor Troeth
Rental bond alternative company backed by radio and TV persnonality Kyle Sandilands has suffered a major blow, in a huge win for renters.Last month the Supreme Court dismissed an application by ZeroBonds, a company offering an alternative to upfront rental bonds. Previous reports showed Sandilands had a 95 per cent stake in ZeroBonds, which had billed itself as ‘The Ultimate Rental Bond Solution.
’ It is unknown what stake, if any, Sandiland’s currently has in the company. The website previously stated the Australian Idol host was “the company’s co-founder and brand ambassador.”At the time of reporting, ZeroBonds website states it is “under maintenance.
”MORE: Albo, Dutton wage war on key election issueAustralian radio and TV personality Kyle Sandiland’s backed rental bond company has been deemed “unlawful.” Picture: Mark StewartMORE: TV stars huge sell off as they exit AustraliaHuge home trend Aussies are sick ofNSW Fair Trading raised concerns about ZeroBonds’ model in 2024 and warned the company its approach to rental bonds did not comply with the law.The Supreme Court this month found the company’s model, which requires tenants to make a non-refundable payment instead of a bond, violates legislated protection for renters from unauthorised fees under the Act.
ZeroBonds website is “undergoing site maintenance.”The court ruled that its Bond Replacement Product and Bond Reversal product were non-refundable and did not line with the Residential Tenancies Act 2010.Residential bonds are not mandatory, however if one is collected, it must be lodged with the NSW Rental Bond Board, which is fee-free and provides protections under the Residential Tenancies Act.
The Australian Idol host has suffered a major blow.A dedicated $8.4 million Rental Taskforce has since been established within NSW Fair Trading to investigate and act on breaches of tenancy laws, including failures to lodge bonds and the misappropriation of funds.
The NSW Government is implementing a Portable Rental Bond Scheme which will allow tenants to transfer their bond between properties without having to pay a new bond upfront, providing further cost-of-living relief for renters.NSW rental commissioner Trina Jones said the rental bond processes should be fair, transparent and lawful.Trina Jones, NSW Rental Commissioner.
Picture: NewsWire / Max Mason-Hubers“We welcome this decision which is a win for tenants who won’t be burdened with unnecessary and unlawful fees,” she said.“This ruling makes it clear companies cannot sidestep tenancy laws with financial products which ultimately do not comply with the law.“The Rental Taskforce within NSW Fair Trading is focused on protecting tenants and ensuring compliance with rental laws, including taking action against unlawful fees and misappropriation of funds.
”MORE: Motoring racing guru’s huge $7.35m payoutShock price of Sydney life: how cost of every item comparesThe post Sandilands’ rental bond company dragged into court showdown appeared first on realestate.com.
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