Rental Bond Fact Sheet
Finding rental property in Australia is currently competitive and stressful. In most cases, property owners require tenants to pay an upfront housing bond.
Otherwise known as rental bond and this can be a shock and financially crippling to many. In the fact sheet below, we explore some of the basics of rental bonds. To get help from professional cleaners visit Pro Bond Cleaning Brisbane and get everything done for you. They also provide a full bond back guarantee so you can rest easy knowing you’ll get your money back.
What is a rental bond?
A rental bond is a security deposit paid by tenants to lessors at the start of every tenancy. The bond is used as security to protect property and breach of contract. The bond cushions the lessor against property damage.
If you rent in Queensland, the RTA holds your cash until your move out. The Residential Tenancies and rooming accommodation Act 2008 outlines the rights and responsibilities of tenants, property managers/agents,property owners/landlords in Queensland.
Aside from outlining the rights and responsibilities of lessors, the act sets out clearly what parties in the tenant agreement can do and cannot do.
It also addresses how to handle issues during the tenancy and explains what measures can be taken in case one of the parties breaches the agreement.
Agreement-form 2 with all signature records and the amount you’ve paid. They then have to send the rental bond and the forms attached to RTA. It’s an offense for the property owner not to lodge your bond with the RTA.
Do I have to take a bond?
The “act” does not require for the tenants to pay the rental bonds, but most of the lessors take the bond money as security for their property.
At the end of the tenancy, They may require to claim, full or part of the bond if the tenant costs them money by damaging property, breaching their agreement or owing rent.
Since rent is also subject to increase, so does the rental bond. However, you can never be asked to pay more than the maximum bond.
Additionally, the bond can only increase once In 12 months, and you’ve to be issued a written notice at least a month of the bond increase.
I cannot afford the bond
In the current economic times, this is a common scenario, but it should not stop you from accessing the property. If you’re not able to raise the bond, there’re two options at hand;
- Pay the bond in installments-this is if the lessor agrees to the part-payments.
- Take out a bond loan. You can contact Department of Housing and Public Works for more information on rental bond loans.
Tips to avoid disputes
- Always ask for receipts after making payment.
- Read all documents carefully and never sign incomplete forms.
- Always keep copies of your receipt for rent or bond payment.
- Before leaving, give a written notice.
- Leave the room clean, and in a similar condition, you found it.
- Notify RTA o your new address
It’s not always imperative for lessors to go for rental bonds. Many landlords require a bond because they’re not sure of the tenants intent and for the sake of their property. However, with property tenant screening, there’s no need for the bonds.