From 1 May 2019, all bonds must be managed online through Mybond
A bond (sometimes called a ‘security deposit’) is a payment by a tenant that acts as a security for the owner. It protects the owner from any financial loss if a tenant does something the lease does not allow, or fails to do something the lease requires them to do.
A bond cannot be more than four weeks’ rent, and cannot be increased during the tenancy.
It is illegal for property owners to receive a bond from a tenant and for a tenant to pay their bond to a property owner.
Before paying a bond, the owner or agent and tenant must register in MyBond.
Lodging a bond
The Rental Deposit Authority holds all rental bonds. You can pay a bond as one amount, or each tenant can contribute an amount, called a ‘bond contribution’.
A tenant can pay the bond once the owner or agent has completed the lodgement in MyBond. The tenant will receive a notification when this has happened.
The agent/owner must complete the bond lodgement form in MyBond so that the tenant can pay the bond.
A tenant can receive help from a Deposit Contributor, for example Anglicare. The owner/agent should enter this in the lodgement details. You can select the Deposit Contributor from the drop down list available. The Deposit Contributor receives a notification when this has happened.
Bond contributions can only be accepted from Deposit Contributors prescribed under the Residential Tenancy Act Regulations. You can read these at www.legislation.tas.gov.au
Paying a bond
Once the agent/owner lodges the bond details, MyBond sends the tenant a notification asking them to pay the amount.
A tenant can pay their bond contribution either:
- online via the secure PayWay in the MyBond system
- via their property manager in a real estate agency (an agent) if the agency accepts bonds, or
- via Service Tasmania, using their Bond barcode or Bond number.
Bonds paid to agents
Agents must lodge bonds (paid directly to them) with the Rental Deposit Authority (the RDA) within 10 working days. A property manager (agent) must have a licence with the Property Agents Board to collect bond payments.
The RDA holds the money until the end of the tenancy when someone registered against the bond record claims it back.
Interest is not paid out on bonds.
Pet bonds are not allowed. Only one bond amount is allowed for a tenancy, and a pet is not able to enter into a lease.
If you think you may be eligible for bond assistance, visit the Housing Connect website.
Notification are sent to the Deposit Contributor requesting bond payment as part of the bond lodgement process.