A Rental Bond is money paid by the Tenant to the Agent or landlord and is held as security in case the tenant breaks the tenancy agreement. The bond money is a maximum of 4 weeks rent; whether the property is furnished or unfurnished. The bond is paid when you sign the lease.
The agent or landlord is required to give you a receipt for the bond payment. The agent must also complete a rental bond lodgment form with the amount paid included. This form is signed by all parties and is submitted to NSW Fair Trading, who holds the bond. The tenant will receive a confirmation notice from NSW Dept of Fair trading with a rental bond number; keep this notice safely with your lease.
Refund of Bond
At the end of the lease the bond money will be returned to the tenant. Sometimes agents or landlords will claim money from the bond, for things such as unpaid rent, property damage or additional cleaning.
Housing NSW-Rentstart Bond loan
A Rentstart Bond loan can help you set up a private rental tenancy by providing a loan for up to 75% of the bond. It may also offer extra help if you are experiencing severe financial difficulties, housing stress or homelessness.
To be eligible for Rentstart Bond Loan, you will have to meet certain income and other criteria, and be a resident of NSW. For more information about eligibility for Rentstart, go to the Housing Pathways website.
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or phone 1300 HOUSING (1300 468 746) 24 hrs a day, 7 days a week.
Application forms are available on www.housingpathways.nsw.gov.au
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Bond claim disputes
For bond claim disputes contact NSW Fair trading www.fairtrading.nsw.gov.au
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or phone 13 32 20 for language assistance phone 13 14 50