Who holds the bond for my property?
In Queensland all bond money for residential tenancies must be held by the Residential Tenancies Authority (RTA). The bond money is collected by our agency and then submitted to the RTA.
How much bond can be taken?
Rent <= $700 per week – maximum amount is 4 weeks rent.
Rent > $700 per week – can be negotiated between parties, however, the standard is usually 4 weeks rent.
The maximum amount includes all and any bonds taken (e.g. a separate ‘pet bond’ can only be taken if the maximum overall bond is still 4 weeks rent).
If the property is damaged or the tenants owe money can we access their bond?
If there are no monies owing and the house has been returned in an acceptable standard then the bond will be returned to the tenants. Where there are monies owing or damage to the property requiring rectification, where the tenant is deemed at fault then we can make a claim on the bond. The parties must agree (tenants and owner) otherwise any disputed claims on bond must go through a process with the RTA and, potentially, QCAT.
