Bond money after terminating PM (Victoria)

Hi everyone,

Could someone enlighten me as to what happens to the bond money if you decide to terminate your PM and self manage your property? From what i have read so far the bond money needs to get refunded and new bond and condition report lodge. I would have thought existing bond could just be rolled over, remove PM's details and replace them with mine. Does this sound right?

Property is in Victoria.

Thanks in advance.

 

In all states except NT, bond is with state govt and not with the PM.

I highly doubt it needs to be refunded and relodged. There's a transfer form than can be used here or online as well, we do this all the time when taking over other managements. I highly doubt Vic wouldn't have something similar.

I bet gun Melbourne property manager @Lil Skater can confirm ?

 

Thanks @D.T. I understand that the bond money is lodged with the govt and not the PM, but don't the details need to be changed?

 

There is a change of authority form that changes the name of the managing agent linked with that bond.
It is never refunded.
Condition report also stands and does not need to be redone.

 

Yes details are changed.
This is an automatic process all us agents do when we play musical properties, transfer files from agency to agency

 

Yea that's what I was saying, we do a transfer of ownership / management here (and it stays with the govt), so I'm betting Vic is similar.

Check out https://rentalbonds.vic.gov.au

 

Thank you @D.T. and @Xenia all makes sense now

 

In Vic the RTBA have a transfer form
When the agent prepares the files & documents for you to collect to start self managing the Bond Transfer should be part of this paperwork. All current tenancy documents in place remain the same and the RTBA will just change the name lodged with the bond from the agent to yourself