If, for whatever reason you want or need to leave before your lease is up, you do have the option to break the lease.
Depending on your situation and the reasons for why you’re breaking the lease, you could be up for additional break lease fees.
For example, in NSW if the fixed term of the leasing agreement is for three years or less;
Six weeks rent will be charged if the tenant moves out during the first half of the fixed term
Four weeks rent will be charged if the tenant moves out during the second half of the fixed term
Tip – For leases longer than three years, a break lease fee can be negotiated and agreed to by the landlord and the tenant and be written into a renewed agreement.
If you need to break the lease early, try to cooperate as much as possible with the agent and landlord to ensure an easy and smooth process for everyone.
While you look for a new home or already have one to move into, the agent and landlord now need to look for someone new to lease the property.
By getting your place in a presentable condition and assisting with re-leasing the property by allowing rental inspections while you’re still living there, will help getting it re-leased sooner rather than later.
Notifying and giving as much notice as possible to the agent and landlord about your plans to break the lease will allow them sufficient time to try and find a new tenant.
Helping out and trying to make things easy for everyone involved when breaking a lease may help to work in your favour when you’re trying to recover any of your bond money.
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This information is of a general nature only and does not take into account your objectives, financial situation or needs. We are not financial, legal or tax advisers. You should seek appropriate professional advice specific to you before acting on this information.
