Need to know rental information for tenants
Renting can be a confusing process for those who are new to renting, and also for those moving from interstate that have slightly different guidelines. Below we have some FAQ that relate to tenants to hopefully help ease any confusion and provide some clarity into something that may seem overwhelming at times.
What is a bond?
A rental bond is money that is paid by the tenant at the start of a lease agreement as a means of financial security for the landlord. Money is returned to the tenant upon the end of their lease agreement, however if circumstances arise where the tenant is in arrears, hasn’t suitably cleaned the premises, or damage was made to the property, part/all of the bond payment may be claimed.
The bond is generally equivalent to one month’s rental payment, and is lodged, held, and returned by the RTBA, Rental Tenancy Bond Authority.
What bills are the tenant required to pay?
It is a tenant’s responsibility to pay the usage fees, including that of gas, electricity and water. Additional service charges such as internet, your landline, cable TV, etc. are also liable by the tenant. Authorisation of resources like cable TV must be given by the landlord prior to installation.
Landlords are only required to pay the water service fee from City West Water.
I’m a tenant, do I need insurance?
It is recommended that tenants take out contents insurance, as the landlord’s insurance does not cover your contents, only the property itself. In the unforseen circumstance of damage or loss of your contents, it is better to be covered so the impact is not as significant.
I can’t pay my rent on time, what do I do?
If you are unable to pay your rent on time for whatever reason, you should contact your property manager to notify them and explain your situation. By letting your property manager know, they can create a payment plan to assist you getting back on track, and it keeps them informed of the situation so that they can notify the landlord. Keeping your property manager in the loop will keep them from issuing late payment warnings, and a notice to vacate can be avoided.
What happens if I want to break my lease? What will I have to pay?
In a fixed term lease, you are required to provide 28 days notice prior to the date you intend on vacating. Additionally, you will be liable to pay any readvertising or management fees associated with the cost of finding new tenants, and you will have to continue paying rent until the property is leased out.
In a periodical lease, you only require to provide the 28 days notice to vacate.
For more information about the overall renting process, and to delve further into the above topics, head over to our YouTube channel where our Point Cook Rental Team, Sylvia and Vita, answer some frequently asked questions.
Also, please feel free to contact your closest office and we will be more than happy to assist you.