Changing a bond (Bond variation)
A security bond may need to be changed/varied because:
- additional bond money needs to be lodged with the Bond Administrator, for example because the rent has been increased;
- one or more of the tenants in a shared household has moved out or a new tenant has moved in;
- the ownership of the property has changed; or
- the lessor has employed a different managing agent.
Lodging changes with the Bond Administrator
Complete a Variation of Security Bond form listing the relevant changes. The signed form can be lodged with the Bond Administrator by post, email or in person. Please note this form is not to be used by agents unless an exemption applies.
Real estate agents and property managers
A licensed real estate agent must make any changes to a security bond via the BondsOnline system as an eTransaction.
Changes in shared tenancies
In situations where joint tenants are on a bond and one, or more, decide to leave, or is replaced (with the consent of the lessor/agent/new tenant/s) it is recommended the entire bond be paid out by completing a Joint Application for Disposal of Security Bond form. This ensures the departing tenant/s are paid any monies owed. The lessor/agent should lodge a new bond using a Lodgement of Security Bond form for incoming and remaining tenant/s.
Alternatively, the vacating and incoming tenant/s can settle any monies owed as a private matter by passing bond money between themselves. Once all parties are satisfied the bond has been settled, a Variation of Security Bond form can be used to notify the Bond Administrator of the change in tenant names. The vacating tenant should not sign or electronically approve the Variation of Security Bond form until they are satisfied they are no longer owed any money from the bond.
When a person cannot be contacted or is deceased
Please see Releasing or claiming a bond for more information.
Decreasing a bond
There is no obligation on the lessor/agent to agree to partially refund the bond during a tenancy.
However, if the lessor/agent agrees, a bond can be decreased when there has been a reduction in the weekly rent amount or a pet bond is held for a pet and the pet no longer resides at the premises.
To request a partial bond disposal during a tenancy you will need to complete a Joint Application for Disposal of Security Bond form.
A bond decrease can only occur during a tenancy agreement when the payment is to the tenant/s.
The Residential Tenancies Regulations 1988 provides an exemption from section 29(8) of the Act to enable a disposal form to be signed during a tenancy for the purpose of decreasing the bond in certain circumstance.
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