Bond Assistance Loan monies must be lodged too! - Landlord bulletin issue 27
7 February 2019
Bond Assistance Loan monies must be lodged too!
As with any tenant bonds, all payments received via the Department of Communities Bond Assistance Loan Scheme must be lodged with the Bond Administrator at Consumer Protection within 14 days after receipt of the bond.
We’re acting on non-compliance
Consumer Protection conducted a data matching exercise with the Department of Communities that has revealed a large number of instances where the landlord or property manager has failed to lodge Bond Assistance Loan Scheme monies. As a result, we will be contacting all landlords and property managers in violation of this requirement to seek that they immediately lodge these bonds for all current tenancies, and to further examine older tenancies in their portfolio.
Check your records
We strongly encourage you to check that all your tenancy bonds meet the lodgement requirements and to take immediate action for any that do not.
How to lodge on time and correctly
The easiest and quickest way to lodge a bond is to complete the online Lodgement of Security Bond Money form, click the Validate button to create a PDF, then print and sign the form. Scan the signed form and submit by email to the Bond Administrator.
Alternatively, you can lodge the signed form in person at our Cannington office or submit it by post. If you are using regular mail, make sure you allow enough time for postage so that it arrives within the 14-day period.
If the tenant is paying the bond by instalments, do not wait until you receive the full amount. Each instalment must be lodged within 14 days of receiving it. Use the Lodgement of Security Bond Money form for the first instalment and then the Variation of Security Bond form for subsequent instalments.
Remember that you must immediately issue a receipt when a tenant pays you a bond.
Failing to lodge can be costly!
Each instance of failing to lodge a bond within 14 days of receipt can result in an infringement notice of $2,000 or, if prosecuted in Magistrates Court, a fine for up to $20,000.
Share this page: