Tips for Getting Your Bond Back
At the end of your tenancy, getting your bond back is an important step in the moving process. After all, that money can be put towards your next rental property or used to pay off any expenses related to your move.
As you approach the end of your tenancy, you may feel unsure of what's expected of you, especially if this is your first time renting. To help make the process smoother, we've put together some tips for getting your bond back, including a free Final Inspection Checklist & Cleaning Guide.
How to Prevent Problems with Bonds During a Tenancy
From conducting a thorough property inspection at the start of a tenancy to properly completing bond forms and splitting the bond at the end, to ensure a smooth bond process during a tenancy, it's important to focus on three key stages.
1. At the start of a tenancy
Tenants and landlords should conduct a thorough property inspection. This includes completing and signing the property inspection report and bond lodgement form.
2. During a tenancy
Both tenants and property managers have various responsibilities they must uphold to ensure a smooth tenancy and bond release process.
3. At the end of a tenancy
Tenants and landlords should inspect the property, sign the final inspection report, complete bond forms, and consider splitting the bond to cover outstanding costs.
What are the responsibilities of each party regarding the bond?
What are the responsibilities of each party regarding the bond at the START of a tenancy?
At the start of a tenancy, tenants and landlords should conduct a thorough property inspection. This includes completing and signing the property inspection report and bond lodgement form.
Landlords must lodge the bond within 23 working days of receiving it. Failing to do so is considered an unlawful act and may result in a financial penalty.
Tenants should contact the property manager if a confirmation letter isn't received within six weeks. It's also a good idea to budget for the bond (typically four weeks' rent). Need a quick rental bond loan? Pronto Finance can help.
What are the responsibilities of each party regarding the bond DURING a tenancy?
Both tenants and property managers have responsibilities to ensure a smooth tenancy and bond release process.
Landlords must inspect the property regularly, attend to maintenance promptly, and update contact details and bond forms with Tenancy Services within 10 working days if anything changes.
Tenants must inform landlords of any repairs needed, update contact information within 10 working days, and obtain their property manager's approval and signature for a 'change of tenant' form if necessary.
What Are the Conditions for Bond Release?
Your bond will have been paid by us to Tenancy Services. We won't authorise the release of the bond until we are satisfied that the property is being returned to us in the same condition (except for acceptable wear & tear) as it was at the start of the tenancy. Repairs must be carried out and paid for before the bond is refunded.
If the property is not returned in an acceptable condition on the day that your tenancy ends (even though you may have moved out) you may be responsible for rent ‘lost’ due to the fact that the property is not available for rent.
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How Long Will It Take to Get My Bond Back?
Landlords are expected (by law) to return bond monies within 10 business days. When your tenancy ends, your property manager will perform an exit inspection.
- If you both agree on the condition of the property, both of you will sign a bond refund form. The bond refund form will take into account any damages and detail how the bond will be refunded.
- If there are disagreements, either party may complete a bond refund form and submit it to Tenancy Services without the other party's signature. The other party will be given a maximum of 10 working days to respond to the bond refund form (this is called a one party bond claim).
- If the other person doesn’t object in time, or, if the tenant and the landlord can’t agree on the bond refund, either (or both) can apply to the Tenancy Tribunal to get it sorted.
Final Inspection Checklist & Cleaning Guide
