Commissioner's Blog: Rental bonds must be lodged on time
With Acting Commissioner for Consumer Protection David Hillyard
The Department of Commerce Bond Administrator figures showed 10 per cent of all residential rental bond lodgements were made late in January this year.
A bond is money paid by the tenant and held in trust for the duration of a tenancy. The Residential Tenancies Act 1987 (the Act) requires that bonds must be lodged by the landlord or property manager with the Bond Administrator as soon as practicable, and in any event within 14 days of receiving it.