Bond - Paying
In most cases, your lessor, agent or provider will ask you to pay a rental bond before you move in. The bond is fi nancial security for the lessor or provider, in case you don’t follow the terms and conditions of your tenancy agreement. It is not compulsory for the lessor or provider to charge a bond. If you do pay a bond, you must be given a receipt and the person you pay bond to must logde the the bond money with the RTA. The RTA will hold the bond money until the end of your tenancy. When you move out you can apply to the RTA for a refund of your bond.
The maximum bond you can be charged is set out in the Act.
Maximum amounts are:
For residential tenancies:
- If your weekly rent is $700 or less – the maximum bond is equal to four weeks rent
- If your weekly rent is more than $700, there is no maximum bond limit
For rooming accommodation:
- If your weekly rent is $500 or less, the maximum bond is equal to three weeks rent
- If your weekly rent is more than $500, there is no maximum bond limit
For moveable dwelling premises:
- where the tenancy is a long tenancy (more than 42 days) and electricity is supplied in the lessor’s name and individually metered, the maximum bond is an amount equal to three weeks rent
- any other moveable dwelling premises, the maximum bond is an amount equal to two weeks rent
- If your lessor is also your employer and gives you a rental subsidy, the maximum bond is the greater of $400 or the maximum bond that would otherwise apply.
It is an offence to charge a rental bond above the maximum amount allowed by the Act. It is also an offence to fail to lodge bond money with the RTA. These offences could result in penalty fines.
The person you pay bond money to must give you a receipt.and must lodge your bond with the RTA. Remember to keep your bond receipt in a safe place.
Information supplied courtesy of the Tenants Union of Queensland Inc
Further information and advice for Queensland tenants can be sourced from www.tuq.org.au