It is not compulsory to use the government scheme to manage your rental bond but it can be useful to use this method directly.
In some states they sometimes return interest with your bond.
State or Territory Requirements
Yes, this is optional. The bond is paid directly by the agent to the Fair Trading “Rental Bonds Online” scheme. If the tenant does not want to use this method, the landlord or agent must deposit the bond to the Secretary. As of January, 2017, a landlord must offer Rental Bonds Online as an option. It can be simpler to have the bond money stored by RBO for a tenant with the option of online services, but the landlord cannot require a tenant to use it, it is optional.
Yes, the bond is held by the RTA. (Residential Tenancies Authority).
Yes, the bond must be lodged with the Residential Tenancies Bond Authority (RTBA) within 10 business days after the bond is received together with the completed bond form.
Yes, the bond must be lodged with the Office of Rental Bonds, Access Canberra. The interest may be used for services regarding owners and renters.
Yes, the Consumer and Business Services (CBS) looks after the bond.
Yes, the bond administrator looks after the bond. This is the chief executive officer of the Department.
The bond is paid either to ‘the Authority’ or to the property agent. The Authority is the ‘Rental Deposit Authority’. The interest earned with respect to a security deposit is the property of the Authority and is not payable as a disbursement to any tenant, deposit contributor or owner.
Snug has taken every effort to ensure this content is accurate and up to date.
These legal guides provide a brief summary and introduction of the laws and regulations affecting renting. They do not cover all cases and might not apply to your specific rental property situation. It is important that you use this information as a guide only and seek independent Legal Advice or consult the Relevant Legislation. Snug does not accept any liability that may arise from the use of this information.