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 so it is important that there is a bond in place at the beginning of every tenancy.
3 Steps to Getting Set up
Each state has different rules and regulations regarding bonds, but here is the general process:
Create your bond account - Follow the procedure required to create an account with the bond authority in your state.
Collect the funds from your tenant (either through RentBetter or outside of RentBetter)
Lodge the bond along with the required forms to your government agency where applicable.
TIP ☝️ - Set up your Bond Account online in advance with your local authority so that there are no delays and you're ready to lodge when you find a tenant.
Bond accounts can sometimes take up to two weeks to set up after applying online with the state authority, so it’s a good idea to get registered as soon as possible. We recommend doing this immediately after setting up your property ad to avoid any delays later on.
How to Lodge the Bond
In some states, it's recommended that the tenants make the bond payment directly through their service (E.g. in NSW and QLD) and in others, you can collect the bond payment from the tenant and then lodge it with the bond authority separately.
While RentBetter can help you collect the payment, we aren’t able to lodge the bond for you.
Please refer to the links below for guides specific to each state on the lodgement of the bond:
Need further assistance?
Have more questions about bond? Reach out to our friendly team via the support chat or email info@rentbetter.com.au and we’ll be happy to help.