All Topics / General Property / Does bond on a private rental have to be lodged with RTBA??

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  • Profile photo of PhilPipPhilPip
    Member
    @philpip
    Join Date: 2011
    Post Count: 1
    May 22, 2011 - 7:10 am

    Can anyone tell me, does bond on a private rental  have to be lodged for "safe keeping" with RTBA??

    I find it absurd that they get to use it for their investment purposes, yet they havent/wont have a thing to do with the whole deal.

    Is the landlord able to put it in a personal trust account instead? Or somewhere else?

    Thanks in advance.

    Profile photo of Scott No MatesScott No Mates
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    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    May 22, 2011 - 7:48 am

    I assume that you are referring to a residential or retail bond.
    No , it must be lodged with the bond board – it is required under the tenancy act for the protection of the tenant’s bond. It is the tenant’s money not yours.

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    May 22, 2011 - 9:52 pm

    Yep, must be lodged. As Scott said – it’s the tenants cash, not yours. I don’t think they’d be too happy with the landlord investing the money elsewhere.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

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