Join Australia's most dynamic and respected property investment community

Tenancy Tip Thursday - Rental Bonds

Discussion in 'Property Management' started by D.T., 24th Sep, 2015.

  1. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,595
    Location:
    Adelaide, SA
    Hiya

    Since a few people have asked about rental bonds, I've put some info together regarding all states as a handy reference. Note that there's quite a few variances between states. Feel free to provide corrections (please link source), omissions and discussions.

    How much bond can I charge?
    ACT, NSW, NT, TAS:
    4 weeks rent
    QLD: 4 weeks rent if its less than $700pw, no limit and negotiable otherwise.
    SA: 4 weeks rent if its $250pw or less. 6 weeks otherwise.
    VIC: 1 calendar month rent if less than $350pw (eg Weekly x 52 / 12), no limit otherwise and is negotiable between parties. This can also apply if owner resides in property before the tenancy (or intends to afterwards).
    WA: 4 weeks if rent is $1200pw or less. If rent is greater than $1200pw, then no limit on bond and is negotiable between parties.

    Can the bond be increased or topped up when the rent increases?
    ACT, NSW, TAS, VIC:
    no
    NT, SA: yes, minimum 2 years in
    QLD: yes, minimum 11 months into lease
    WA: yes, whenever rent is increased (eg at 6 or 12 months depending on lease)


    Can I charge a pet bond?
    ACT, NSW, NT, QLD, SA, TAS, VIC:
    No!
    WA: yes, maximum of $260 per tenancy (ie not per pet) and must only be used for fumigation. More can be requested / negotiated in $1200pw+ places.

    When does the bond have to be lodged with state authorities by?
    ACT, NSW PRIV LL, VIC:
    10 business days
    NSW PM: 10 business days after EOM
    NT: it doesn't! o_O
    QLD: 10 days
    SA: 2 weeks for private landlords, 4 weeks for PMs
    TAS: 3 days
    WA: 14 days

    Let me know if any more details or questions should be added.

    Cheers,
    Dave
     
    Last edited: 24th Sep, 2015
    Perthguy, Lil Skater and EN710 like this.
  2. thatbum

    thatbum Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    902
    Location:
    Perth, WA
    Great idea to get out info out there about tenancy rules! Hope it becomes a regular feature. Just a couple quick comments for WA:

    The PPOR exception doesn't exist anymore since the most recent amendments.

    Again, since the recent amendments, bond can be increased every 6 months in line with what is allowed for rental increases.
     
    MTR and D.T. like this.
  3. Lil Skater

    Lil Skater Well-Known Member Business Member

    Joined:
    18th Jun, 2015
    Posts:
    385
    Location:
    Melbourne
    Great idea..... Slight tweak though - VIC is one calendar month (a few extra $$)

    Ie. 4 weeks bond would be $1,360 on $340pw. One calendar month is $1,477.

    Also, bond cannot be increased at any stage relating to continuous occupation. The ACT further goes on to state an agent/landlord cannot accept a further bond even if agreed by the tenant. :)
     
    MTR and D.T. like this.
  4. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,595
    Location:
    Adelaide, SA
    Thanks guys, I'll make those amendments.