A bond offers financial protection to a landlord when renting a property. It is used if a tenant breaches part of their tenancy agreement.
The amount of the bond can vary from state to state and may also depending on the rental value and state of the property, and whether pets are allowed
By law, the bond should be registered with the state’s governing body via a bond lodgement form. Both parties to the tenancy agreement complete this.
Deductions from the bond may only be withdrawn by the managing agent or landlord. This is to recover costs relating to the end of the tenancy in the event the tenant does not adhered to their obligations as spelt out in the tenancy agreement.