[Infographic] Here’s What You Need to Know About Rental Bonds in Sydney, Australia

Moving into a rental property comes with a certain amount of expense, including rental bonds. Though rental bonds are optional in every state in Australia, these are usually asked for as a safeguard for the landlord.

What Is A Rental Bond?

Rental bond is a security deposit paid at the start of the tenancy. The bond is paid back to the tenant when the property is vacated, provided no money is owed for rent, damages or other costs.

The most bond you can be required to pay is an amount equal to 4 weeks of rent you agreed to pay at the start of the tenancy. You cannot be required to pay a bond before you sign a tenancy agreement. Additionally, your landlord or agent cannot require you to pay more (or another) bond when the rent is increased or if a new tenant moves in.

Know Your Rights As A Renter

Rental bond payment doesn’t have to be an ordeal. Knowing your rights as a renter however, can help to lessen any worry about paying out – and losing, what can sometimes be a substantial amount of money.

In some of Sydney’s most affluent suburbs at least 10 per cent of renters had no money returned in 2018.

To fully protect yourself, make sure you understand the process and costs involved in lodging a bond and claiming a bond refund.

Complete guide to rental bonds in Sydney, Australia

 

Do you have questions about…

Deposit of the bond?
Change of shared tenancy?
Transfer of bond?
Claiming the bond back?

We are happy to answer them, please contact us today. We would be delighted to aid you with any rental services needs that you may have.

Know more about us here.

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