RENTERS will be given a "rent holiday" and a month's grace from eviction in New South Wales when banks repossess properties under new laws to prevent people from being turfed out of their homes.
The attempt to put a curb on heartless banks ejecting renters without notice will be put before Parliament this week.
Included in the protection measures are the introduction of a minimum 30-day notice to tenants to vacate from mortgagees seeking vacant possession.
Tenants will also be able to immediately cease paying rent when notified of a mortgage default.
They will also be provided with relocation expenses and have any advance rent paid back. The release of rental bonds will also be fast-tracked.
Fair Trading Minister Virginia Judge said the amendments would protect tenants from the collapse in the housing market.
"I want to put a stop to the nightmare of families having to pack their bags at the whim of the mortgagee," Ms Judge said.
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