Everything you need to know about rental bonds
Rental bonds are a fact of life for most Mount Isa rental properties. They are an upfront payment to protect landlords against tenants not paying their rent or causing property damage. Whether you’re a Mount Isa landlord or tenant, read on to find out answers to rental bond FAQs.
Are rental bonds compulsory?
No, but most landlords ask for them (and for good reason). They are like a form of insurance. Unfortunately, not all tenants pay their rent on time or treat their properties well, even though most do the right thing. Those that do, get their full rental bonds back at the end of their leases. It’s like a form of compulsory saving for these tenants.
What’s the maximum rental bond that can be charged in Mount Isa?
Mount Isa rental bonds are subject to the provisions of Queensland rental property law. All landlords in Queensland can charge a maximum of four weeks rent as a rental bond. So for example if the rent on the property you want is $450 per week, you could be charged up to $1,800 for your Mt Isa rental bond.
Who holds the rental bond during the tenancy?
All rental bonds in Queensland are legally required to be lodged with the Residential Tenancies Authority (RTA) within 10 days of being paid. The RTA is a government body responsible for administering Queensland rental property law.
Tenants can lodge their rental bonds directly with the RTA or they can send it to their landlord or property manager to do it on their behalf. Tenants should pay their rental bond when they sign their lease.
Landlords should not provide tenants with keys to their property until the rental bond is paid and lodged with the RTA.
What happens to the rental bond at the end of a tenancy?
The landlord, their property manager or the tenant can make a claim for the rental bond money at the end of a lease agreement.
A landlord will make a claim for some or all of the bond money if the tenant has caused damage to the property or not paid all their rent. The landlord and/or their property manager will inspect the property at the end of the lease and it is expected to be in a comparable condition to the start of the lease (allowing for fair wear and tear).
If there is a disagreement over whether the rental bond should be fully, partially or not refunded to the tenant at all, then the RTA has a dispute resolution service and can make a ruling.
What’s the best way to get your full rental bond back?
That’s simple. Pay all your rent on time and make sure you don’t cause any damage to the property. Treat the property as well as you would if you owned it.
If you do cause some accidental damage, then make sure you contact the landlord or property manager and be prepared to pay for approved repair work.
You should also make sure you pay for a professional bond clean to be done on your property at the end of your tenancy. Professional bond cleaners do deep cleans on properties to ensure they are presented in their best possible light for the landlord, property manager and future tenants.
If you’re thinking about selling, buying, leasing or renting any Mt Isa property, or you need your property professionally managed, then contact our team today for an obligation-free chat!
We’d be happy to provide you with advice and to answer any property questions you have.