A rental bond is a security deposit paid at the start of the tenancy.
If the property manager/owner takes a bond, they must give the tenant a receipt and lodge it with the RTA within 10 days. It is an offence not to do so.
A rental bond is lodged with the RTA online, or by post, using a Bond lodgement(Form 2).
The bond is paid back to the tenant when the property is vacated, provided no money is owed for rent, damages or other costs.
How much bond can be taken?
For general tenancies the law says if the rent is $700 or less per week, the maximum bond amount is 4 weeks rent. If the weekly rent is higher than $700, the amount of bond should be negotiated between the property manager/owner and tenant. The law gives no maximum amount where the weekly rent is higher than $700.
The maximum amounts stated in the Act apply to all bonds, no matter what they are called (e.g. pet bond) or how many bonds are taken.