The gist of the legislation
Rental bonds are capped and can only be used when the tenancy has expired.
The important parts, at a glance
We’ve picked out the key parts of the legislation and made them as easy as possible to read and understand.
1.
Landlords are not legally required to collect a bond from tenants.
2.
If a landlord does collect a bond (which we recommend they do), initial access to the property can be withheld from the tenant until they have paid the bond amount.
3.
A bond is not compliant unless it is lodged with the bond office and does not exceed the total sum of 4 weeks rent. Only one bond per tenancy is allowable.
4.
The bond can be lodged by the tenant or the landlord (or by a property manager on behalf of the landlord).
5.
The bond cannot be used during a tenancy, it can only be used after a tenancy has expired.
6.
Any costs can be claimed from the bond, however bonds generally cover repairs or maintenance, before being applied to other costs like outstanding rent, water consumption etc.
