A rental bond, paid by the tenant to the landlord or agent, is a form of security that's held at the Renting Branch of the Office of Fair Trading, the Office of Rental Bonds, or the Residential Tenancies Fund for the duration of the rental agreement. A landlord who delays submitting their tenant's bond may incur financial penalties. The relevant tenancy bond authorities by state and territory are as follows:
Australian Capital Territory - Office of Rental Bonds
New South Wales - Office of Fair Trading
Northern Territory - Department of Justice
Queensland - Residential Tenancies Authority
South Australia - Residential Tenancies Fund
Tasmania - Rental Deposit Authority
Victoria - Residential Tenancies Bond Authority
Western Australia - Department of Commerce's Bond Administration Section
For residential properties you can collect between four and six weeks bond depending on the Australian state your property is situated in. It's a one-off payment only - it cannot be added to.
Bonds can be lodged via post or in person at an approved Australia Post. The relevant government office will issue an official number upon receipt of the money - this number must then be quoted for all future enquiries.
If a co-tenant moves out, you may need to submit a change of bond arrangement form in order to refund the departing person and lodge the new tenant's money. All involved parties must sign the form before submitting it to the relevant office.
It's possible for a tenant to transfer their bond from their current rental to their new one - provided all involved parties agree. Both the tenant and the past landlord will need to complete and submit a bond transfer form along with additional money if the new bond is more expensive than the current one.
Once you have agreed with your tenant regarding how the rental bond will be refunded, a signed refund form must be submitted to the relevant government office. Typically, bonds are credited by cheque or direct deposit.
In cases where the tenant and landlord disagree on how the bond should be refunded, one party must submit a refund form to the relevant government office. The office will then notify the other party and begin the dispute resolution process.
The information contained in TenancyCheck.com.au website is general information only and does not constitute legal, financial or compliance advice. As the laws relating to tenancy agreements may have changed we recommend you check with the relevant State or Territory government department. We also recommend that you obtain your own independent legal advice about matters relating to landlord obligations, tenant rights and any legal disputes you may have with a tenant(s).