Bonds - Maximum amounts for bonds.

What are the maximum bond amounts?

Typically, a bond cannot exceed one month's worth of rent.

Only under the following situations may a rental provider request a bigger security deposit:

  • The property has a weekly rent of more than $900.

  • A higher bond has been ordered by VCAT for the property. They might do this in light of the property's personality or the standard of the fixtures and furnishings.

In certain situations, there is no maximum bond limit.

Until March 2020, rental providers might demand a greater bond if they intended to occupy a property after the lease ended. A contract that is signed after March 2020 is exempt from this.

For those who reside in apartment buildings, campgrounds, and residential parks, there are different rules.

What are the maximum bond amounts for rooming house residents?

The maximum bond amount for rooming house residents varies depending on the sort of agreement they have.

  • For residents of a fixed-term rooming house arrangement, the bond cannot be greater than 28 days' worth of rent.

  • For residents who are not covered by fixed-term agreements, the bond cannot exceed 14 days' worth of rent.

A rooming house is a building where each room can accommodate four or more persons. Because each resident has a unique agreement with the rooming house operator, it differs from a sharing house.

When can extra bonds be requested?

Only when renters request changes to a property or when a long-term agreement is in place can rental providers request an additional bond. It's referred to as a bond top-up.

A "modification bond" is an additional bond required when renters make modifications to a property. This can either be paid at a later date or as part of the bond that is paid when a renter moves in.

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