The Bond is a sum of money typically equivalent to four weeks' rent and is collected at the start of your tenancy before you move into the property. The bond is held to cover any damages or unpaid rent at the end of your lease.
The bond is typically collected and then lodged by your landlord/rental provider with the bond authority in your state.
In this Article:
How Bond is Collected
There are two ways to pay your bond on RentBetter: through RentBetter or directly to your rental provider or bond authority. Your rental provider will have selected their preferred option during the lease set-up process and it will be stated in your lease agreement.
We'll explain these options below:
Option 1: Paying Your Bond Through RentBetter
If your rental provider has chosen this option, you’ll be directed to pay your bond through the RentBetter platform.
To pay your bond through RentBetter, simply log into your RentBetter account and on your dashboard you will see the action to make the payment.
Note: the bond payment option will only appear after you have signed your lease agreement and added a payment method.
From here, you'll be able to select the 'Pay now' button and on the following screen, be prompted to enter your payment information and confirm. Once the payment is processed, your bond will be securely transferred to your Rental provider and issued a payment receipt in the platform.
Once received, your Rental Provider will lodge the funds with the bond authority and should provide you with confirmation of the lodgement.
Option 2: Paying Your Bond Directly to the Bond Authority or Rental Provider.
If your rental provider has selected that the bond authority will be collected outside of RentBetter, they will provide you with specific instructions on how to make the payment. In most cases, this will be directly to the bond authority in your state.
Your rental provider will have set up this option during the lease set-up process and it will be noted in your lease agreement on where to make the payment.
Once set up, you’ll see a ‘View Bond Details’ step on your tenant dashboard. This step will prompt you to confirm when the payment has been made and upload any relevant documentation. After that, your rental provider will be asked to verify the payment, and once confirmed, it will be marked as paid on the platform.
If your rental provider has asked you to pay the bond directly to them, you'll need to contact them for their preferred payment method if this is not stated in your lease agreement.
Bond Returns/Refunds
Typically, at the end of your tenancy the bond will be refunded to you after the final inspection (usually after 14 days), provided everything is in good condition and there is no unpaid rent or disputes about the property’s condition.
The process for initiating the bond refund varies by state. In some states, you can claim it directly from the bond authority, while in others, both the rental provider and tenant must agree before submitting a claim.
Below are links with information on how the bond refund process works in each state:
Need further assistance?
Have more questions on bond? Reach out to our friendly team via the support chat or email info@rentbetter.com.au and we’ll be happy to help.