When renting a property in Victoria, one of the essential aspects you need to be aware of is the rental bond. This short guide provided by L Real Estate will explain how much it typically costs, where it is stored, and how to ensure you get it back in full at the end of your lease

How Much is the Bond?

The bond amount is usually equivalent to one month’s rent, but for properties with a weekly rent over $900, it can be negotiated. The bond is used to cover unpaid rent, property damage beyond normal wear and tear, and cleaning costs if the property is not left in a clean condition.

Where is the Bond Stored?

In Victoria, rental bonds must be lodged with the Residential Tenancies Bond Authority (RTBA), where they are held in trust for the duration of the tenancy.

How to Get Your Bond Back Fully

To ensure you receive your bond back in full, leave the property in the same condition as when you moved in. Pay all rent and utility bills, fix any damage, and don’t forget to return all keys and access devices.

After a final inspection is conducted by your Real Estate Agent and everything is good to go. Your bond will be released to you.

Understanding the rental bond process in Victoria is crucial for a smooth tenancy. By maintaining the property and adhering to the rental agreement, you can maximize your chances of receiving your bond back in full. For more tips and advice on renting, visit L Real Estate’s blog regularly. We are here to help you navigate the rental market with ease and confidence.