Is My Deposit Refundable?
Your rental application has been approved, and you’ve paid a 1-week holding deposit to secure the apartment. But what happens if your plans change unexpectedly, and you no longer wish to proceed?
The good news is that under residential tenancy laws, you are protected and entitled to a refund of the remaining deposit. Here’s how it works:
Understanding the Holding Deposit
The holding deposit is equivalent to 1 week’s rent. This means you have 7 days to sign and execute the rental agreement. If, during this period, you decide not to proceed, the deposit will be deducted on a daily rate basis.
How Refunds Are Calculated
If you notify us that you no longer wish to proceed, the holding deposit will be calculated as follows:
- The total deposit is divided by 7 days to determine the daily rate.
- The number of days between paying the deposit and notifying us will be deducted.
- The remaining amount will be refunded to your nominated account.
Example:
For a property priced at $700 per week:
- Daily rate = 700÷7=100 per day.
- If you notify us on the 5th day, 5 days’ worth ($500) will be deducted, and the remaining 2 days’ worth ($200) will be refunded to you.
How to Notify Us?
If you decide not to proceed, please notify your leasing agent in writing or email us at support@sydneyrealtygroup.com.au
Note: While we understand that circumstances can change, we encourage you to carefully consider your decision before paying the holding deposit. Once the 7-day period has passed, the holding deposit may no longer be refundable.
Disclaimer:
The information provided above is based on our understanding of current laws and regulations at the time of publication. Should legislation or regulatory requirements change, some details may become outdated or no longer applicable.
This content is intended as a general guide only and should not be relied upon as legal evidence or considered a guarantee of outcome. Viewers are encouraged to conduct their own research and seek independent legal advice if they have further questions or require specific guidance.