Since a few people have asked about rental bonds, I’ve put some info together regarding all states as a handy reference.
Property managers need to follow the legislation in their state which all specify a maximum. To ensure the maximum protection of landlord / client, always obtaining the maximum allowable is best practice. Where we are in South Australia, Both private landlords and property managers have access to Residential Bonds Online where bonds can be lodged with state government, maintained or refunded.
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 – so at $250 per week, you can ask for $1000 but at $255 per week rent, you can ask $1530. Big difference!
VIC: 1 calendar month rent (eg Weekly x 52 / 12), but can be more in some situations.
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 Property Managers
TAS: 3 days
WA: 14 days