Everything Answered

Dec '16

How long does it take to receive my bond back?
Louise Clifford Posted by
Louise Clifford

Once the tenant and owner have agreed to the lease ending and the property is returned to the owner in the same state and condition (with the exception of fair wear and tear) outlined in the initial Property Condition Report, a Bond Statement will be drafted by the property manager. 

A Joint Application for Disposal of Security Bond form is then signed to allow the Bond to be released from the Bond Administrator. 

Where there might be an unresolved dispute between tenant and owner over unpaid rent or damage, the Bond is held by the Bond Administrator until the matter is settled in the Magistrates Court. 

Once the Form 4 Application for Disposal of Security Bond has been issued by the property manager and signed and returned by the tenant, no further deductions may be made from the Bond. 

The document is then lodged with the Bond Administrator who would then be able to refund the security bond to the tenant within seven to ten days. The Application Form permits bank details to be entered so that an electronic transfer can be made. 

It should be noted, however, that it can often take more than 10 days for the Bond Administrator to refund the money. If tenants believe that the Bond refund is being unreasonably delayed then you should contact the Department of Commerce directly to raise your concerns. 

Reference:  reiwa.com.au

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