What Is A Rental Bond?

Homes are rented out as investments worldwide and are a popular way of making money to gain future

financial security. It can take years to acquire an investment rental property and involves a substantial

amount of money to do so as well. The initial outlay is worthwhile for the benefits it brings to the

investor in the long run, as the rent pays for the upkeep, rates and such while still allowing the rest to be

banked, adding up to a sizeable amount over the years. If the investment has come with a mortgage the

rental income will eventually pay it out leaving the investor free to save future rentals.

Because people are all different and have different attitudes to property belonging to others, tenancies

can be a mixed bag of good and bad experiences. In the past rentals have been damaged by uncaring

tenants who have left without warning still owing rent leaving the landlord out of pocket as the bond

was not enough to cover the cost of repairs and lost rent. In other cases tenants who were blame free

have not had the bond returned by landlords who were just greedy and dishonest. Landlords having

control of the rental bond was plainly not a desirable thing. Now all those who have real estate Burleigh

Heads investment homes must lodge the rental bond with a government authority until the end of the

lease when it is either returned to the tenant or given to the owner to cover any genuine losses incurred

during the tenancy.

Once a tenancy agreement and the rental bond form have been signed, the bond must be lodged with

the RTA (Residential Tenancies Authority) within ten days by either the landlord or the property

management Gold Coast. If it is not lodged with that time the owner or management will be hit with a

penalty. Immediately the bond is paid by the tenant, the owner or management must issue the tenant

with a receipt.

Once the RTA receives the bond they will send a receipt to the tenant to acknowledge it’s lodgement

and it will contain a number that is attached to their name. If the tenant does not receive

acknowledgement within three weeks time they should check with the RTA to make sure it has been

lodged. Once the tenant receives this notice of lodgement they must ensure it is kept in a safe place in

order to recover their bond at the end of the lease.

The rental bond lodgement process is fair to the landlord and to the tenant, protects the interests of

both and ensures disputes will not arise.

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