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Rental providers or their property manager must lodge their renter's bond with the Residential Tenancies Bond Authority (RTBA). The RTBA is an independent government body that holds bonds in trust during rental agreements.
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To start the bond refund process, either the tenant or the landlord can visit the RTBA website to download and fill out the bond claim form. If both parties are in agreement and the bond claim form is completed and returned to the RTBA, the agency sends the bond to the tenant.
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Tenant's guide - The Residential Tenancies Bond Authority (RTBA) Online.
In most cases, a bond cannot be more than one month's rent. A rental provider can only ask for a higher bond when either: the weekly rent for the property is more than $900. VCAT has set a higher bond for the property.
At the end of the tenancy the owner must refund the bond within 7 business days of the tenants vacating the property. If the owner is withholding part/all of the bond for damages or unpaid rent etc. they must advise the tenant within 7 business days of vacating the property.
Penalty units will be charged for not lodging the bond to the RTA within 10 days. The landlord can be fined up to 60 penalty units. It is a strict liability offence. A person can be fined 20 penalty units.