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.
Three Steps to Setting 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 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
After you’ve received the bond payment from your tenant, it’s important to make sure you lodge it directly with the relevant bond authority. 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.