Tips for a smooth bond refund process
The Refund of rental bond form should be completed and sent to the Residential Tenancies Authority (RTA) when the tenancy has ended. Disagreement over how a bond will be paid out is the most common form of dispute the RTA receives, accounting for more than half of all disputes. Listed below is important information and vital tips to help make the process straightforward for everyone involved.
Communicate early and often
The quickest and easiest way to make the bond refund process run smoothly for everyone is for the tenant and property manager/owner to reach agreement about how the bond will be paid out. Property managers/owners and tenants should communicate early and often to reach consensus.
Early discussions may be around cleaning of the property, whether any repairs are required, and other paperwork and processes required by the property manager/owner. This can help reduce the risk of surprises or disputes when the time comes to refund the bond.
Share information, photos and invoices to facilitate agreement. Refer to the entry condition report and any other relevant documentation such as invoices to support your conversations.
Ensure up-to-date contact and banking details are provided
The bond refund form should include current contact and banking details for all parties. It’s important to note that refunds are paid into Australian bank accounts only. By providing
the RTA with an email address on the bond refund form, you will receive updates on the progress of the bond refund. On average, the bond will be refunded within 5 days of the RTA receiving an agreed form.
Disputed or non-agreed refunds occur when there is no agreement on how the bond should be paid, or when the bond refund application is not signed by all parties to the bond. A Refund of rental bond only requires the signature of one person named on the bond record to begin the bond refund process, however the RTA recommends all parties communicate and try to reach agreement before making a claim on the bond.
In this situation, the RTA:
• releases any undisputed amounts
• holds any disputed amount/s
• sends a Notice of claim to the person/people who did not sign
the refund form, and they have 14 days to dispute the bond
• may assist with dispute resolution if a dispute resolution
request is received within 14 days.
Either party can make a claim on the rental bond if agreement
is not reached.
If making a partial claim, it is best practice to release the undisputed amount to the party who is owed the money. In addition, any claim on the bond should be substantiated with details of the claim (e.g. the reasons for making the claim) and the amount.
It is an offence under Queensland tenancy law to knowingly give false or misleading information to the RTA.
Watch the RTA’s instructional video for more tips about making the rental bond refund process quick and easy.
More information about the bond refund process can be found on the RTA’s website, https://www.rta.qld.gov.au/Renting/Ending-a-tenancy/Bond-refunds
Article from the REIQ PMSS Newsletter June 2019
We all love our furry friends. If you're someone who is home on your own a lot, a pet can be an especially great companion. Owning a pet, however, can make it harder to find a rental property and keep your current property in excellent condition. While it can be challenging, having a pet doesn't need to ruin your experience of finding a rental property or renting a home. You just need to be diligent about looking after your pet and the condition of your place. Here are our tips for renting with pets.
Be upfront and honest
When you're first searching for a rental property, make sure you're upfront and honest if you need to include pets on your application. Most property listings will detail if a property is pet-friendly. If the property isn't pet-friendly and it has outdoor space, you could call the property manager to see if the owner will consider an outdoor pet. This will be up to the owner's discretion; however, if you live in Victoria new laws have made it easier to rent a property if you have a pet.
Consider the size of the pet compared to the size of the property
When you're looking for properties, make sure you compare the size of your pet to the size of the properties you're viewing. If you have a large dog, you may prefer a townhouse or detached house over a small inner-city apartment. This step is all about understanding your pet's behaviour and what kind of environment it needs to behave and live a happy, healthy life.
Put together a pet resume
While there's a section of your application to list the basic details of your pet, putting together a pet resume can show your potential property manager or landlord that your pet is loved and well- behaved. The resume doesn't need to be long. You could simply include a photo, some brief details about your pet's temperament, details of vaccinations and any references you think would help.
Monitor bathroom breaks
This one is particularly important if you live in an apartment. Make sure you know when your pet needs to have a bathroom break. If you have an outdoor area that doesn't have grass, you could purchase an artificial grass patch to train your pet to use. Alternatively, you'll have to be mindful of how often your furry friend needs to be taken outside for a bathroom break.
Be mindful of porous surfaces
Once you've been approved for a property, be mindful of porous surfaces such as carpet. These surfaces can be easily damaged, even by humans, so make sure you train your pet to stay away from these areas if you're worried about property damage.
Renting with a pet can be stressful but keeping the above steps in mind in your property search, and once you've been approved for a property, can keep you, your furry friend and your property manager happy.
The holiday season a perfect time to catch up on reading. If you're typically a nonfiction reader, your reading time can be put to good use by learning more about property investment in Australia. Here's our list of property investment books that will help you learn while you recharge for 2019.
From 0 to 130 properties in 3.5 years - Steve McKnight
Steve McKnight's From 0 to 130 Properties in 3.5 Yearsis an inspiring read that shows readers how McKnight and his business partner built their portfolio. The book includes details about the individual properties that make up their portfolio and an outline of the numbers on each property. If you're aiming to build a cash flow positive portfolio, this book will help you understand the numbers and Australia's property market, while sharing details about how to effectively manage your finances.
How to Create an Income for Life - Margaret Lomas
Margaret Lomas has written several books about property investment, particularly positive cash flow properties. In How to Create an Income for Life, Lomas discusses not only how to build a cash flow positive portfolio, but she also touches on how to achieve financial freedom.
Rich Dad's Guide to Investing - Robert Kiyosaki
No investment reading list would be completed without Robert Kiyosaki's books! Covering investing in general, Kiyosaki's Rich Dad's Guide to Investing provides an insight into share trading and how to approach your property investing with a business-focused mindset. Following on from his first two books, Rich Dad, Poor Dad and The Cash Flow Quadrant, Kiyosaki's books will help you understand investment principles that stand the test of time across all asset classes.
Your Property Success with Renovation - Jane Slack-Smith
If you're keen to get your hands dirty, finding renovators can be an excellent way to enter the property investment market. In Your Property Success with Renovation, Jane Slack-Smith details the foundational principles of effective investing. Slack-Smith then covers how you can build a profitable portfolio by renovating properties.
The Advanced Guide to Real Estate Investing by Ken McElroy
Ken McElroy's, The Advanced Guide to Real Estate Investing is a helpful book for seasoned property investors. In this book, McElroy shows readers how to think and operate like a property mogul. He covers things like identifying profitable deals, effective tax structures, and how multi-family housing can help you build your portfolio.