Moving into a house is always special as you intend to fill the space with warm memories shared with your loved ones. Besides opting for an appropriately spacious and accessible property, families are also concerned about the rent and the deposit. The rental bond is the most essential part of entering a lease agreement.
Usually, the landlords need it as collateral to make cuts in case of any damage or financial loss. Thus getting the deposit back at the end of the tenancy is a highly anticipated moment for the tenants. It helps them to pay for the moving expenses.
However, it is only refunded if the property is expertly cleaned. Therefore, hiring end of lease cleaners in Sydney becomes imperative to make sure that you get the full amount back without getting into any disputes with the landlord.
These days with the help of technology, lodging and getting refund of bonds can be completed online. Rental bonds online allow you to make the submission directly to NSW Fair Trading in a comfortable, quick and secure manner.
It helps the tenants to get notified about the status of the rental bond and check which actions are required within Rental Bonds Online (RBO). However, many are not aware about this service. Let us help you understand about it in detail through these FAQs on rental bonds online for tenants in Sydney.
What Is Rental Bonds Online And How Is It Useful?
NSW Fair Trading Rental Bonds Online is the digital platform for landlords, tenants and agents to pay the bond and get a refund without having to submit any paper forms or cheques.
Both the landlord and the tenant use separate online accounts to maintain security. The landlord is already registered as a user in Sydney and sends an invite to the tenant to use the online service.
How To Create A Tenant Account on RBO?
To create a tenant account on RBO, you will have to enter your personal details, such as your email address and mobile phone number. You must be aware of the amount that needs to be paid as bond and should have your bank account details handy. The refund will be credited in this account at the end of the tenancy.
The registration process must be completed before both the parties sign the lease agreement. Since it is done online, the verification is done through mobile phone SMS codes.
How Will I Make The Payment For The Bond?
After you have created a tenant account for the rented place in Sydney, you can pay the bond money online using Mastercard, Visa or BPAY. If you choose to pay through Mastercard or Visa, then the page will be directed to a secure third party payment gateway.
You can make the payment like any other online transaction. The amount gets transferred immediately and you can sign the agreement next. With BPAY, you will get a BPAY Advice Slip which will consist of a biller code, reference number and the bond amount.
What If I Change My Mind About Renting The Property?
If you have not signed the lease agreement and want to withdraw your bond, then you can get the money refunded. You just have to log on to RBO and get your refund from NSW Fair Trading by filling out the ‘Request Return of Funds’. After the amount is refunded, the RBO notifies the landlord or the agent about the same.
How Can I Get A Refund of The Bond?
The claim for a bond refund can be submitted after the end of tenancy. However, you must ensure that you fulfil the requirements of the landlord by hiring end of lease cleaners in Sydney to get the property cleaned thoroughly.
To make a claim, you must log on to the RBO website and click on ‘Submit a claim’ to proceed with the refund. The amount gets refunded in the bank account whose details have been provided by the tenant. However, you must make sure that the bank details are updated and you have notified your landlord about making a claim.
Is It Compulsory to Use RBO?
If you are not comfortable with the online transaction, then you can opt for the traditional paper form and cheque method to submit the bond in Sydney. The landlord must first offer the RBO option for payment. If the tenant declines, then the traditional method can be utilised.
Who Manages The Account If There Are More Tenants?
If there are co-tenants, then they need to mutually decide which one will be the principal tenant. The chosen person will be responsible for managing the rental bond as a representative of all the other tenants. So the principal tenant gets himself registered on RBO and makes the payment.
However, he must put the contact details of all the tenants online so that they get notified in case of any changes to the bond. The principal tenant also makes the claim for the refund of the bond at the end of the tenancy and then divides the amount between all the members.
How Is The Landlord Involved In The Refund Process?
When the tenant makes a claim for bond refund, a ‘notice of claim’ is sent to the landlord or the property agent by the RBO notifying them about the claim. If you have utilised professional end of lease cleaning in Sydney to tidy up the premises after you vacate it, then there should be no reason for a disagreement.
Thus they will log on the RBO website and accept the claim. The refund will be received by the tenant within two business days. However, if you fail to match the cleaning standards or have damaged the property, then the landlord will have 14 days to approach the NSW Civil and Administrative Tribunal. If the landlord doesn’t apply to the Tribunal, then the bond will be refunded as per the tenant’s claim.
Can My Landlord Withhold The Refund?
The landlord can submit a claim for bond refund before you take an action. The RBO will send an email notifying you about the same and then the payment will be credited in your account.
However, if the landlord is not happy with your end of lease cleaning in Sydney, he can claim a part of the bond or whole of it. Thus the RBO will email a ‘notice of claim’ to you and provide you with a 14-day period to give your response.
As a tenant, you can agree to the landlord’s claim or approach the NSW Civil and Administrative Tribunal for a hearing due to dispute with the landlord or agent. You may also choose to give no response. In this situation, the bond will be refunded as per the claim made by the landlord after the 14-day period.
Is It Possible To Get The Bond Transferred To Another Property?
No, you cannot transfer the bond to another leased property. If you are moving to a different rented house, then you will have to get the refund first and then create a new account as a tenant of the new property and pay the bond again.
Bonds play a significant role during the end of tenancy and this is the reason why tenants rely on end of lease cleaning in Sydney to avoid any disputes. Thus if you are planning to submit a bond online, then make sure you are aware of all the details mentioned above.