A rental bond is a security deposit that a tenant pays at the start of a tenancy which is then lodged with the relevant state government agency. The bond plays a vital role in providing peace of mind for a landlord should the tenant breach their lease agreement or incur unplanned costs for the owner when exiting the property, such as additional cleaning. As a result, it is important that there is a bond in place at the beginning of your tenancy.
Each state has different rules and regulations regarding bonds, but here is the general process.
If required in your state, Collect the money from your tenant. Visit our blog for more information on How to Collect the Bond from your tenant.
Follow the specific procedure required by your state government agency.
Send the bond along with the required forms to your government agency where applicable.
✨ HANDY TIP ✨ - Set up your Bond Account online in advance with your local authority so that there are no delays and you're ready when you find a tenant.
Sometimes Bond Registrations can take up to two weeks to get set up once you apply online with the state authority so it's wise to get yourself registered ASAP. We recommend doing this as soon as you've set up your property ad. so that you're ready to go without delay.
For more information on how to lodge a rental bond in each state, visit this blog on our website.