3 things you should know before renting

Renting can be an exciting time of your life, so to make sure it remains a positive experience for you, please be aware of the following three tips!

1. Understand all of your rental terms and conditions

When you are ready to commit to a particular property, make sure you ask a number of questions before you sign the lease agreement.

Not only do you need to know what the rent amount is, but you must also confirm how long this amount is valid before it can be renegotiated. Make sure you understand how long you can rent the property before the lease is due for renewal, and if you have any other obligations such as gardening/mowing/maintenance.

You should also confirm the rental inspection parameters such as who will complete them, how often they will be done and at what time of the day they will be performed. Make sure you also confirm how much notice you will be given if the owners suddenly decide to sell the property, and how many home open inspections you will be required to facilitate.

2. Know the maximum amount of bond you must pay

Depending on which state in Australia you decide to rent in, will determine the rules around what the maximum bond amount is that you can be asked for.

For example, in QLD the bond cannot exceed 4 weeks rent if you are paying $500 or less per week.

In Victoria, the amount of bond you pay cannot be more than one months’ rent, but there are some situations where this can be changed. Don’t pay any more that you are legally required to. See more at: http://www.lawstuff.org.au/vic_law/topics/renting/when-can-i-rent

3. Know the general rules and regulations a tenant must abide by

There are a number of standard rules that a tenant must adhere to, to ensure they can reclaim their bond back when the lease is terminated.

Look at the following rules (provided on the lawstuff website). Tenants must:

  • Pay the rent on time and in the way outlined in the tenancy agreement;
  • Keep the property clean;
  • Repair damage caused by themselves or their guests;
  • Notify the landlord of any maintenance or repairs required;
  • Notify the landlord of any damage to the premises;
  • Comply with the tenancy agreement;
  • Ensure that care is taken to avoid damage to the house/flat and common areas.

Tenants must not:

  • Maintain the house/flat in an unreasonably dirty condition;
  • Cause or permit damage to the house/flat;
  • Use the house/flat for any illegal purpose;
  • Cause or permit a nuisance;
  • Cause interference with the reasonable peace or privacy of another person in the area;
  • Change the house/flat, without written permission of the landlord.
  • See more at: http://www.lawstuff.org.au/vic_law/topics/renting/when-can-i-rent

The more educated you are, the less likely you will be caught out.

If you need help paying your bond, why not consider a bond loan with us? We've helped thousands of Aussies move into their rental property. Apply today and you could be moving in tomorrow!

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