What is the 'Bond'?
The bond is money that you pay as security for the landlord. If you don't pay all your rent, or if you cause damage to the property, then the landlord can ask to keep some or all of the bond money when you leave.
When signing into most tenancies you will need to pay a ‘bond'. The landlord is able to ask for up to four weeks' rent which is usually paid when you first move into your property.
You will need to complete a ‘bond lodgement form' and give that along with the money to your landlord. By law your landlord is then required to send it to the Department of Building and Housing within 23 working days where the money is kept safely for you. Your landlord must give you a receipt for the bond money you pay them and the Department of Building and Housing will write to you and let you know that your bond money has been received.
At the end of the tenancy, if you have not caused any damage or loss (like not paying your rent), you apply for your bond to be refunded. If you have caused damage, all or some of your bond will be paid to the landlord to cover repairs or rent.
Make sure you do a property inspection before you agree to rent the property. On the tenancy agreement, make a list of all the faults on the property, so that at the end of your tenancy you are not charged for damage done by previous tenants.
More information on bonds can be found on the Department of Building & Housing website.