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Paying your Rent and Bond

By Jessica Price

Before you start applying for rental properties it’s important to make sure you are financially within your means to pay bond (four weeks worth of rent) and two weeks of rent upfront when renting with our agency.

If you are applying with different real estate agencies it might be worth asking them what they require as this amount will differ between agencies and states within Australia.

It’s important to understand that once you have signed a lease, you have made a legal commitment to regularly pay your rent just like paying any other type of bill.

Many people do not realise that your rental history will support your credit rating. Therefore, it’s important you are aware of the payment options and what is required.

Under the Residential Tenancies Act you are required to pay your rent by the date noted on the schedule in your lease and it must always be paid in advance. Here are the answers to a few questions tenants may have if they are new to renting with our agency.

When is my rent due and how do I pay? 

Your rent is due on the same day each week. This means if you move in on a Friday, your rent must be cleared by Friday each week. It is important to remember to allow time for the money to clear between banks if you are making the payment electronically. We accept Payment Gateway System (direct debit or BPAY), money order or bank cheque. We are a cash free office. Should you have any difficulties in paying your rent please notify us as soon as possible.

Once you are approved for a property your property manager will provide you with a unique Bpay biller code for our Keperra office. If you ever happen to misplace these details please contact our office so we can provide them to you.

Where is my 2 weeks rent in advance?

At the start of your tenancy, you are required to pay your first two weeks rent plus your bond. A common mistake tenants make is to think that this will put them two weeks in advance. Unless you start paying your rent again on the same day you move in, each day after you move in and don’t pay it takes away from those first two weeks. For example, if you move in on a Monday and don’t make another payment until Thursday, you are now only paid 11 days in advance, instead of a full two weeks. If you don’t pay your rent until two weeks after you move in, which is not recommended, you have used up all of the rent you have in advance.

What are the repercussions of falling behind in my rent?

Ray White Keperra have a ‘Zero Tolerance’ for Rent Arrears. The following will occur if you fall behind in rent:

1 to 3 days in arrears – you’ll receive a reminder notice via text message.

4 to 7 days in arrears – you’ll receive a reminder notice via phone call and letter.

8 to 14 days in arrears – you’ll receive a Notice to Remedy Breach.

17 days in arrears – you’ll receive a Notice to Leave

When will I get my bond back?

Our office works as quickly as possible to return your bond to you. Once your keys are returned, your property manager will complete your vacating inspection within 3 business days (in more cases than not, completed the next day after keys are returned). After this inspection, should everything be in order and left in the condition it was given to you (apart from fair wear and tear), all your rent paid up to date and any outstanding bills (water, pool chemicals, electricity etc) taken care of, we can then complete your bond refund. If you are receiving a full bond refund, all we need are your bank details so we can organise with the RTA for it to be transferred through to your account. If there are deductions from your bond, all bond holders will be required to sign a form first.

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