TenantsTips / Australia / Who holds my Rental Bond?

Who holds my Rental Bond?

The rental bond protects the landlord from financial losses that might happen if the tenant breaches the rental agreement.

If the tenant pay a rental bond then the landlord must give a receipt showing the name of the person who paid it, the amount, the date and address of the rental premises.

Tenancy Bond Account

As from 1 July 2009 it will be illegal for the landlord to hold a bond as within 14 days the landlord must put the bond into a Tenancy Bond Account with the State Governments Bond Administrator or an authorised financial institution such as bank, building society or credit union.

REBA Tenancy Bond Trust Account

If the property is handled by the real estate agent then the agent must deposit the bond as soon as possible into a REBA Tenancy Bond Trust Account held with a financial institution such as a bank, or into an individual tenancy bond account held by the Bond Administrator.

Lodgement of Security Bond Money

The rental bond must be held in a joint account showing the tenants name and the names of the owner. The form of Lodgement of Security Bond Money must be lodged and signed by the tenant or the person who paid, and the landlord.

Financial institutions may have their own version of this form.

In case of a shared house where more than one person has paid the rental bond then it is important that the names of all the parties appear on the lodgement form to protect their share.

rental bond agreement

Remember that the landlord must keep a record of the bond payment which includes the date, amount, name and number of the account into which the amount was paid. Also the landlord must to give the tenant a copy of the lodgement form.

If the Bond Administrator holds the bond then the tenant will receive a record of the payment directly from the Department.

If the rental bond is held in some financial institution then the landlord should give the tenant a copy of the lodgement form.

If the bond is not paid to the Bond Administrator or a financial institution then it is an offence.



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