A rental bond is money paid by or for the tenant, and is held by the RTA for the protection of the lessor in case the tenant breaches the tenancy agreement.
The RTA holds the bond while the tenant lives in the place, and will pay it back when the tenant moves out (provided there is no disagreement).
It is not compulsory for the lessor/agent to take a rental bond, but when one is paid it must be lodged with the RTA within 10 days of receipt by the lessor/agent, together with a completed
Bond Lodgement (Form 2).
By law, no more than four week's rent (two weeks' rent for moveable dwellings) can be charged as a rental bond, if the weekly rent is $500 or less. There is no limit if the weekly rent exceeds $500.
Where rent is subsidised by an employer, the maximum bond is the greater of $400 or the equivalent of two weeks' (moveable dwellings) or four weeks' rent (general dwellings).
Lessors/agents cannot charge a rental bond fee to cover the costs of complying with the
Residential Tenancies Act 1994.
The RTA will send both the tenant and the lessor/agent a notice (called an
Official Receipt) when they have received the bond.
The
Official Receipt contains the rental bond number. This number must be quoted when any enquiries about the bond are being made.
Rental bonds can be lodged by either posting a cheque and
Bond Lodgement (Form 2) to the RTA or by taking the money and the Form 2, to any approved Australia Post Office in Queensland.
Further Information
Last Updated: 18 May 2009
