For rental properties where the rent payable is $250 per week and under, the landlord cannot ask for a bond that is more than four weeks’ rent. For rent over $250 per week, a landlord cannot ask for a bond that is more than six weeks’ rent.
Money received as a security bond must be receipted within 48 hours. The receipt must show the date, the person’s name, the amount and address of the premises for which the bond has been paid.
All security bonds (including any part payments) must be lodged with the Tenancies Branch (cheques made payable to the Residential Tenancies Fund) together with a bond lodgement form within seven days (or in the case of registered land agents, within 30 days) of receipt.
The bond may be paid by Direct Debit by completing the Direct Debit Request (DDR) printed on the back of the bond lodgement form. A bond may be increased if at least two years have elapsed since the security bond was paid or last increased.
Where a bond is increased, the increase must be lodged with the Tenancies Branch within the required time frame. Housing SA issues bond guarantees to approved tenants, rather than making a direct payment to the Residential Tenancies Fund.
This guarantee is used in the same way as a cash bond and provides the same security for landlords. Bond guarantees do not become valid until they have been lodged with the Tenancies Branch and have received a lodgement number.
Housing SA will cancel a bond guarantee if it is not lodged with the Tenancies Branch by the ‘lodge by’ date shown on the front of the form.
WHETHER OR NOT A BOND IS PAID, THE ACT APPLIES TO ALL RESIDENTIAL TENANCY AGREEMENTS IN SOUTH AUSTRALIA.