Renting in Australia – Paying A Bond

A Bond is a compulsory amount of money that is paid and held by the state’s Tenancy Board and is to provide some security to the landlord should a tenant damage the property or stop paying rent. A Bond is four weeks rent and some states also allow Pet Bonds which is a set amount on top of the standard bond. For example, if your weekly rent is $400, your Bond will be 4 x $400 = $1600. If your state also allows a pet bond of say, $100, then your bond will be $1700. Your bond is fully refundable if you leave the property in good order and without damage, however pet bonds may be non-refundable and used for fumigation purposes. The cost of any repairs needed is taken out of the bond and the balance is refunded directly to you by the Tenancy Board in that state