What is a Bond and how to Pay?
A bond is a security deposit paid before the commencement of your lease. This bond is held as protection in case the lease terms are breached by the tenant, such as in the event of property damage, rental arrears, or breaking a fixed-term lease. The bond is retained to cover any monies owed to the landlord and is held by the Rental Bond Board (RBB). It’s important to note that the bond does not contribute to your rental payments in any way. The maximum bond allowed to be collected is equivalent to four weeks' rent. The bond must also be paid and cleared by RBB or by our agency before you can pick up the keys to your new property.
How to Pay the Bond
There are two methods to pay the bond:
- Direct Payment to RBB: We will send you a direct link to pay the bond through the RBB payment portal. Please note that additional fees may apply. This is our preferred method of payment, as the bond is paid directly to the RBB.
- Payment to Our Agency: You can pay the bond to our agency at the same time as your holding deposit. We will allocate the four-week payment as the bond and lodge it on your behalf with the RBB once the funds clear into our trust account.
Important Note: If you pay the bond directly to our agency, you will need to sign a Bond Lodgement Form. Failure to sign this form means we cannot lodge your bond with the RBB.
Have Questions?
if you’re unsure about your building registration or access setup, feel free to:
- Email us at support@sydneyrealtygroup.com.au
- Chat with us using the chatbox on our website, and we’ll get back to you right away
Disclaimer:
All information in this knowledge base is believed to be in line with the current laws and regulations. However, should these laws change in the future, the information provided here may become outdated and no longer valid. This knowledge base is not intended to be used as evidence or a guarantee of specific outcomes. It is merely a guide to assist you in understanding the process and is not an authoritative resource. We recommend that you conduct your own research and, if necessary, seek legal advice for specific situations.