If you are relocating to Australia or even moving from Melbourne, Sydney, Brisbane or Perth you will find some differences with how the rental market operates in each state including what is required when paying a rental bond.
Paying a rental bond
A rental bond is money paid by the tenant as a form of security in case the tenant breaches the tenancy agreement. If you are renting a property in Melbourne, Sydney, Brisbane or Perth there is also a difference in how much rental bond a realestate agent or landlord can request. So here is a quick summary about the different rental bonds.
Renting in QLD
The Residential Tenancies and Rooming Accommodation Act 2008 (the Act) outlines the rules for collection, management and refund of rental bonds in Queensland. The Residential Tenancies Authority (RTA) administers the Act and holds bonds during a tenancy.
For general tenancies the law says if the rent is $700 or less per week, the maximum bond amount is four weeks rent. If the weekly rent is higher than $700, the amount of bond should be negotiated between the lessor/agent and tenant. The law gives no maximum amount where the weekly rent is higher than $700.
Renting in WA
In WA the Bond Administrator (Department of Commerce) is the government body that looks after rental bonds. Landlords cannot charge a bond that is more than four times the weekly rent; unless the weekly rent is more than $1200 per week.
Renting in Victoria
The Residential Tenancy Bond Authority (RTBA) is the organisation that holds rental bonds in Victoria. If the rent is $350 a week or less, the bond cannot be more than the equivalent of one month’s rent. However, a landlord or realestate agent may charge a bond that is more than one month’s rent if the:
- tenancy agreement states that the premises are the landlord’s principal residence and the landlord intends to resume living there at the end of the tenancy, or
- rent is more than $350 a week, or
- landlord or estate agent gets an order from the Victorian Civil and Administrative Tribunal setting out the amount of an increased bond.
Renting in NSW
In NSW, Fair Trading manages the Rental Bond Board. While not compulsory in NSW, taking a rental bonds is highly recommended unless there is a good reason not to. A rental bond cannot be an amount more than 4 weeks’ rent. In NSW higher bonds cannot be charged for tenants with pets.
Need help finding a rental property
If you are trying to find a rental property in Melbourne, Sydney, Brisbane and Perth and need some assistance, then contact Australian Relocation Managers. We specialise in helping to find rental properties for busy executives and can explain all the things you need to know including what you would expect to pay for rent, what your rental bond will be and so much more.