At the conclusion of your tenancy you will need to fill in a Bond Claim form and have it submitted to the Residential Tenancies Bond Authority (RTBA). Though before it is refunded there is a process the agent will undertake to determine whether the entire bond is refunded or just partial.

Once you have exited the property, the agent will perform a final condition report for the owner. They will assess any damages that have been made to the property throughout your tenancy on whether it is general wear and tear or whether you’re at fault for the damage. If the damage is deemed to be your fault, then any repair costs will be reimbursed to the owner through the bond. If everything is in order and there is no damage, then you’re in line to receive your bond in whole.

Once the final report has been done and a conclusion is made on wear and tear, then the agent can authorise for the release of your bond. From this point, the RTBA will usually have the funds transferred to your nominated bank account within two to three business days. If your funds haven’t been received within this time, I would make a call to the agent to make sure they have processed the bond release on their side.

Something else to remember, you cannot pay your final month rent through your bond. The bond and rent are separate to each other and are deemed as two separate transactions. Ensure that you have paid your rent up to date and protect your rental history for future rentals.

At the end of the day, ensure you take care of the property throughout the time you live there. Attend to all problems that the landlord is liable for immediately to have them remedied. Ensure you fix any damages you have made and essentially give the property back in the same or similar condition as when you first moved in. In short, respect your home and the property of others.

 

DISCLAIMER

The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.

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