What is a Bond?
A tenancy bond is money that a landlord asks tenants to pay when they move into their property. The bond is held to cover any unpaid rent, damage to the property (if that damage can be shown to be the tenant’s fault) or any other claim.
How much is the Bond?
As a guide landlords can charge up to four weeks rent as a bond. This may be higher depending on the weekly rent amount. The exact bond amount will be advised on application.
Paying the Bond
At the start of your tenancy, you need to pay the bond amount with a separate bank cheque or money order.
A receipt for the bond will be sent to the rented property street address which is shown on the bond lodgement form from the bond authority.
You should keep your bond receipt somewhere safe as you will need it when the tenancy is ending or when a tenant who is listed on the bond receipt is leaving the property.
Your bond will be refunded to you promptly after the property is fully vacated, less any deductions that may be agreed or directed by the tribunal. A bond refund cannot be applied for until all keys have been returned to our office and a final inspection has been carried out.
Landlord claims on the Bond
A landlord will be able to claim some or all of the bond:
- If there is damage done by the tenant which is beyond fair wear and tear
- If the house is left dirty
- If personal items are left behind
- If rent is left unpaid at the end of the tenancy
- If you fail to comply with any other obligation and the landlord suffers some loss as a result of this
Note - If the claim by the landlord is greater than the bond, you may be ordered to pay the extra amount.