EP69: Sophie Lyon - Residential Tenancy Bonds - What's the Procedure from Start to Finish

A Residential Tenancy Bond is a necessary evil when you're renting a property. It's money that you put upfront as a guarantee that you will look after the property. It's usually one month's rent, however prior to the new legislation coming out last month, agents and investors were asking for more. Now that the new legislation is in, residential tenancy bonds have certain maximums they can't exceed. Today we are going to find out everything else you need to know about your residential tenancy bond.

Sophie Lyon has worked in property management for more than 30 years, and is currently the Director and General Manager of Property Management at Jellis Craig - Boroondara. Sophie is actively involved as Director of the REIV, and is an accredited trainer currently focusing on delivering training for the new Residential Tenancies Act. 

 

1. Say I'm 20 something, my parents have never rented so they have no idea, and I want to rent my own place for the very first time in my life. Scary, but exciting at the same time. It's frustrating as I know I can pay my monthly rent, but why do I need a bond as well?

2. Where does that money go?

3. How much bond is required?

4. Can the bond go towards the last month of rent?

5. I want to vacate the property next month, how do I get my bond back?

6. What complications can there be to get the bond back?

7. What's your best advice for first time renters?

 

 

CONTACT SOPHIE at Jellis Craig - Boroondara.

Phone: (03) 9810 5053

Website: jelliscraig.com.au

 

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