“Where does my rental bond go once it’s paid to the agent?” – Tenant, VIC
We asked Jellis Craig & Co Partner/General Manager, Sophie Lyon for her advice.
“In Victoria, your bond goes to the Residential Tenancies Bond Authority (RTBA) and is held in trust until the tenancy ends,” Sophie said.
“Unfortunately, the only party that benefits from the interest on all those bonds is the government!”
Sophie said in VIC, the bond must be paid by the owner/agent to the RTBA within three business days.
“You will receive a receipt from the RTBA within 10-14 days,” she said. “In the event you don’t receive it, you can also search their site to find your bond number.”
Recent upgrades at the RTBA mean that bonds can now be lodged and refunded online, which makes the whole process quicker and safer for all involved.”
Have a question you would like to see answered here? Let us know!
Have you submitted a RentBond application?
Once your application has been submitted with your new property address, your bond will processed either the same day or the next business day, paid directly to your property manager.
If you live in NSW, you have the option to pay your bond directly to your agent, or through the Rental Bonds Online (RBO) service provided by NSW Fair Trading. Depending on which option you use, the RentBond process will vary slightly.
You can request to pay your bond directly to the agent. If the agent agrees, simply complete the RentBond process and we will contact the agent to obtain details to transfer the funds. Your bond will be paid to the agent either the same day, or the next business day.