If you are looking to rent a property, you’re going to be required to pay a bond. It can be a big upfront cost, so what is it for?
Generally, your rental bond is worked at out four times your weekly rent and can be thought of as a security deposit. It is there to provide some financial security should you skip out without paying rent or damage the property in any way.
You can expect to get your bond back at the end of the tenancy if there are no problems when you move out.
WHAT YOU NEED TO KNOW ABOUT YOUR RENTAL BOND
- How much will I pay?
The bond is generally four weeks rent; however, it does vary by state and the amount of rent you pay. Queensland: Four weeks’ rent, negotiable for rent more than $700 a week
2. How is a bond lodged?
The bond is usually paid to your real estate agent who then lodges the bond with the residential bond authority for your state or territory. In Queensland, bonds are held with the Residential Tenancies Authority (RTA). This is now all done electronically online.
3. How do I get my bond back?
At the completion of your tenancy, your property manager will complete an exit inspection on the property to ensure that the property has been returned to align with the start of the tenancy. If your rent is paid to date, there are no pending invoices, nothing in the property has been damaged and the property aligns to how the property was entered, the bond will be released to you.
4. How long does it take to get my bond back?
It generally takes around 4 weeks to settle the bond, however this can be held up if there is a dispute. Communication is key in keeping this process prompt and smooth.