How does the Bond Refund Process work?

By September 24, 2018 No Comments

A Rental Bond is lodged with the Bond Authority under two signatories – the Tenant and the Agent (on behalf of the Owner). At the end of a tenancy, the Bond money can only be released if both parties agree in writing.

Once the vacate inspection has been done and any issues rectified, the Agent will calculate any funds that are still outstanding from the tenants.

Sometimes there is nothing to be claimed, and the Agent signs off for the full Bond to be refunded to the Tenant.

Often, however, there are funds outstanding including rent, water usage, cleaning or repairs. If the tenant agrees to these expenses, they can decide to pay these funds upfront and receive the full Bond refund. Alternatively, they can have these funds deducted from the Bond. The Agent will prepare the Bond Refund form and send it to the tenants to sign and submit to the Bond Authority.

Refunds from the Bond Authority are done via electronic transfer to nominated accounts.