Useful General FAQs about the Bond process:
Can my tenant use the bond to pay the final rent?
In some circumstances, the bond is used for the final rental payment however it is not the recommended approach. Rent is considered rent, and the bond is considered the bond. If you allow the bond to be used for the final rental payment, you risk removing the security deposit/protection concept at the end of the lease, and if something were to go wrong, the money has been allocated to rent and you would be out of pocket.
What is the maximum bond amount?
Typically a bond of 4 weeks' rent is held by the bond authority. Each state and territory will have specific regulations about the maximum amount permitted. We’d encourage you to visit the following pages for further information:
Do I have to lodge the bond? Can I just keep it safe sitting in my bank account?
In all states except the Northern Territory, it's a legal requirement to lodge the bond with the bond authority. Failure to do so can result in severe financial penalties.
Do I need to set up a bond account even though I’m collecting on RentBetter?
Yes in most states of Australia (excluding the NT) you will need to set up a bond account so that you can lodge the bond. On RentBetter you can collect the payment from the tenant and then once you’ve received the funds, you will take the subsequent step of lodging them with the bond authority.
How do I transfer the bond from my agent?
If you were previously with a real estate agency, the rental bond will have been lodged by the agency and you will need to complete a transfer form. This is usually supplied and signed off with your agent.
To complete the bond transfer process, you'll need to have created a bond account as a self-managed landlord. You can view the steps on how to do that in the article above. Once the changes are registered with your local bond authority, the bond can then be transferred to your account/name which is held with the authority.
Can I request to increase or 'top up' the bond paid by the tenant?
Generally, the rental bond paid by the tenant cannot be increased. In some states like QLD and WA, it's permitted to collect an additional bond amount when there's a rent increase.
If your state allows bond top-ups, you can use the bond feature within the RentBetter platform to add additional bonds and send them to your tenant for payment.
Can I charge a Pet bond?
Most states in Australia do not allow you to collect an extra bond for pets.
WA is currently the only state where you can charge an additional bond for pets and we have included this in the platform. The pet bond amount cannot exceed $260 and this does not apply to assistance animals. You can set the amount of the Pet bond you'd like to charge and it will be included in the total bond amount that the tenant has to pay.
How can I claim or refund the bond to my tenant at the end of the tenancy?
When the bond is lodged with your local authority, you will be issued a unique lodgement number to track the bond for your property. At the end of the lease, you can organise for the bond to be released or to claim an amount from that bond.
In some states, the tenant can claim their bond directly with the bond authority to release their funds. In other states, it requires both parties to agree before the bond can be released.
Read more in this article on claiming the bond - https://rentbetter.com.au/article/making-a-claim-for-the-bond