A bond (sometimes called a ‘security deposit’) is a payment by a tenant which acts as a security for the owner. It protects the owner from any financial loss if a tenant does something the lease does not allow or fails to do something the lease requires them to do.

A bond cannot be more than four weeks’ rent, and cannot be increased during the tenancy.

It is illegal for property owners to receive a bond from a tenant and for a tenant to pay their bond to a property owner.

Before paying a bond, the owner and tenant must register in MyBond, owners register here.

You can direct your tenant here.

The Rental Deposit Authority holds all rental bonds. You can pay a bond as one amount, or each tenant can contribute an amount, called a bond contribution.

A tenant can pay the bond once the owner or agent has completed the lodgement in MyBond. The tenant will receive a notification when this has happened.

The owner must complete the bond lodgement form in MyBond so that the tenant can pay the bond.

A tenant can receive help from a Deposit Contributor, for example, Anglicare. The owner should enter this in the lodgement details. You can select the Deposit Contributor from the drop-down list available. The Deposit Contributor receives a notification when this has happened.

Bond contributions can only be accepted from Deposit Contributors prescribed under the Residential Tenancy Act Regulations.

You can read these at www.legislation.tas.gov.au

Once the owner lodges the bond details, MyBond sends the tenant a notification asking them to pay the amount.

A tenant can pay their bond contribution either:

For additional help, you can call Consumer, Building and Occupational Services on 1300 654 499.

Information sourced directly from https://cbos.tas.gov.au/ and all information correct as at 12/07/21