A bond is a security deposit the tenant gives the landlord at the beginning of a lease agreement. The landlord must lodge it with Consumer and Business Services (CBS). At the end of the lease, it is returned to the tenant if there are no claims for outstanding rent, cleaning or other costs.
Landlords and tenants can choose to manage bonds electronically using Residential Bonds Online but it is compulsory for registered agents.
Landlords must lodge a bond within two weeks of receiving it. Registered agents have four weeks to lodge the bond.