Tenancy Tip Thursday - Rental Bonds

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!
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

 

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.

 

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.

 

Thanks guys, I'll make those amendments.