Everything You Need to Know About Your Rental Bond

Everything you need to know about your rental bond_Blog

The rental bond is an amount of money paid by a tenant as a form of security for the landlord against any breaches of the tenancy agreement.

How much bond do I pay?

Usually the bond payment will consist of four weeks rent, for unfurnished premises however it is always best to speak with the property manager to confirm.

Paying your bond

When the bond, usually consisting of four weeks rent, is received by the property manager, it is sent to the Rental Board within seven days and held in a trust account for the period of the tenancy. After five to 10 working days, a receipt for the bond is sent directly to the tenant with a rental bond number. Upon vacating the property, a form is filled out by the property manager to reclaim the bond money as long as the tenant has not breached their tenancy agreement.

Tenants should be aware that the rental bond must be in the form of money and not a written guarantee.

Getting your bond back

Once you have had your final inspection with your property manager and it is agreed that there is no damage or further cleaning that needs to be undertaken, your property manager will lodge a form to get your bond refunded directly to you.

Double check your in-going inspection report before handing in your keys to ensure you get your full bond refund is to ensure the property is left in the same or better condition as when you moved in.

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