If your application is successful, you’ll need to put down a bond which acts as a security deposit for the property and the landlord.
Depending on the way the property was left, you will get either all, most, some or none back at the end of your lease.
Tip – Be aware that the landlord and agency can claim money out of the bond to fix, repair or replace fittings and fixtures or any kind of damage in and around the property that was caused beyond reasonable ‘wear and tear’. The way landlords and agencies can claim bond money varies state to state.
In NSW, the maximum amount payable as a bond is four weeks’ rent. Once you’ve paid the bond, you won’t get it back until you vacate.
Tip – Ask the agency to provide you with a receipt of the deposited bond funds to ensure it has been lodged correctly. In NSW, you as the tenant would lodge the bond via Rental Bonds Online.
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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.
