Rental Bonds

  • At this point, it is your responsibility to fill out a ‘Rental Bond Application.’ For more information about taking out bonds, please visit NSW Fair Trading's section on rental bonds.
  • After the rental bond application has been filled out correctly and signed by both landlord and tenant, it must be sent to the Australian Fair Trading Commission.
  • When the trading commission has received your Rental Bond Application, they will send you a receipt for that Bond. This is important because the involvement of the trading commission will ensure fair standards for both tenant and landlord when it comes to the end of the tenancy.
  • After the Trading commission’s receipt has been received, the tenant must pay the landlord the full balance of the ‘Rental Bond’ that was agreed previously in the ‘Rental Bond Application’. The homeowner may not charge more than 4 weeks rent as the price of a rental bond. The Rental Bond acts as a security deposit for you in the case that the tenant should break the lease.
  • Don’t forget that you can use the Penny Realty Trust account as a safety deposit box for the rental bond at only a 4% management fee. This will ensure the safety of your money and rental transfers.

(Disclaimer: Please note that these steps are general and have been simplified for your understanding. We do not take any responsibility for any information on laws that might be out of date or have been misconstrued in our research sources. To find out more about the most up to date laws on renting property in Australia, please visit: http://www.fairtrading.nsw.gov.au/ftw/Tenants_and_home_owners/Being_a_landlord.page)