What you need to know about rental Bonds Tip 4


Who holds the bond?

All bonds must be lodged with the state/territory bond administrator:

Australian Capital Territory– Office of Rental Bonds (lodgement within two weeks for landlords, four weeks for agents)

New South Wales– Office of Fair Trading (lodgement within 10 working days)

Northern Territory– held by landlord or property manager(receipt must be given to tenant)

Queensland– Residential Tenancies Authority (lodgement within 10 days)

South Australia– Consumer and Business Services (lodgement within two weeks for landlords, four weeks for registered agents)

Tasmania– Rental Deposit Authority (lodgement within 10 working days)

Victoria– Residential Tenancies Bond Authority (lodgement within 10 business days)

Western Australia– Consumer Affairs Bond Administrator (lodgement within 14 days)

The bond is typically held in a joint account between the landlord and tenant.

The authority will issue an official bond number once the monies are deposited.

FYI: Interest that accrues for the term of the tenancy is often used to fund tenant advocacy groups.

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Jason Gwerder
Friday, 27 November 2020

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