“If I give the property manager my rental bond, is it safe?” Tenant, NSW
We asked MMJ Real Estate Dapto Property Manager, Laura McDiarmid for her advice.
All NSW bonds are lodged and held with the NSW Fair Trading, and 99% of the time you will have no issues paying your bond directly to the agent, but as of 30th January 2017, all Agencies and self-managing landlords must give you the option to register your bond directly with Rental Bond Online,” Laura said.
“This allows you the option to pay the bond directly to NSW Fair Trading and skips the step of paying it directly to the Agency – taking away any concerns you might have.”
Laura said communication from NSW Rental Bonds is of a high standard. “At each step within the sequence (lodgement, claim, reimbursement,) you are notified via email and SMS about what’s happening and you can log in online through their portal to always see the status of your bond,” she said.
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“If you choose to pay the bond directly to the agency, there are a couple of things that you can do to make sure that the bond is lodged correctly.”
1. Make sure you sign a New Bond form when signing your tenancy agreement and paying the bond money, make sure the bond form is fully filled in with all the correct details and you may even wish to get a copy of the completed form.
2. At the end of the month, ask your agent to supply you with a copy of your tenant ledger that will show you that your bond has been paid out. Once you bond has been paid out, you should receive a notification from NSW Fair Trading Bond Board advising you of the bond registration. This can often take weeks to receive, depending on the backlog they have.
3. Once the bond has been lodged, the only way for it to be released is if both parties agree that there is no lease in place for the property in question.”
“The quickest, easiest and best way is to use the Rental Bonds Online portal,” Laura said. “More information can be found on the Rental Bonds Online Fact Sheet.