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What You Need to Know about Getting Your Bond Loan Back

  • by Aiden Alfie
  • 1 year ago
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Have you decided to move on and vacate a rental property after a couple of years? If so, then one thing that you are probably worried about is retrieving your rental bond and for a good reason. Rental bonds represent a significant amount of money; big enough to make even the most well-behaved lessee nervous after spending a couple of years residing on a particular property.

In most cases, the rental bond is worth 4 to 6 times your monthly dues. Naturally, you want to get as much of it back as possible, especially when you have had to take out a loan to afford it in the first place.

If you have been a good tenant, then you must be okay, right? According to reputable lending firms like “Direct Finance Loans” that offer rental bond loans,  as long as you do not owe your lessor money and you leave the property in good condition when your occupancy is over, you are entitled to obtain a complete refund of the bond you paid.

The guideline is that anything beyond “fair wear and tear” can (and most likely will) result in a claim versus the bond by your landlord. Unfortunately, it can be hard to state what counts and exactly what does not. Here are a couple of ideas that will help you get your bond back in full.

What You can do to help ensure you get back your rental bond

Document the rental property before moving in

For most people, this advice is mere hindsight but is worth keeping in mind for the future. Moving into a new home is an exciting experience but do not let your emotions hide existing defects which you can be held liable for later on. Submit a report on the condition of the house as soon as you move in detailing any problems that you found shortly after your move.

For best results, you can attach photographs and videos on your report. When you leave the property, you can reference the pictures and videos you had taken to prove that you are vacating the property in the same condition as when you first moved in.

Understand “fair wear and tear,” and make repairs as necessary

If you do not leave the property in good condition, compared to how it was when you relocated, your landlord can claim your bond for the cost of repair works. The exception is “reasonable wear and tear,” which is the regular degeneration that happens despite proper care and maintenance. You do not need to fret about fair wear and tear– however, you must fix any problems that do not fall under this category.

For example, scuffed up wood floors and marks on the carpet are considered reasonable wear and tear for which you are not accountable. On the other hand, burn marks and discolourations on the carpet, or a gouged and scratched wooden floors are both damages that your landlord can hold you liable for and must be fixed before you vacate the property.

Clean up completely and check for damages that you are responsible for

As soon as you put in notice that you are leaving, truthfully discuss the property and see if any locations need improvement. Some areas may require more attention, so make a note of these and add the details to your cleaning schedule.

Most tenants leave cleaning up until the last minute. Regrettably, doing so can cost them a fair amount of their rental bond as you can end up overlooking damages that you are liable to fix. Thoroughly work through each room, cleaning your carpets and floors, restrooms, kitchens, as well as home appliances. Leave no repairs undone no matter how small or it might cost you. In most cases, fixing small problems yourself is cheaper than the alternative which is your landlord taking a part of the rental bond to cover the damages.

Do a final examination with the property representative

Do not be so eager to leave and schedule a last assessment of the property together with your landlord or property agent. Discuss the property with them and see if they see anything that needs fixing and take care of them yourself.

Most lessors will gladly point out anything that you might have missed as it saves them the trouble of making arrangements for repairs and get the property ready for the next tenant. You, on the other hand, will less likely have any trouble getting your bond loan knowing that you have inspected the property together with the lessor to their satisfaction.

Learn more about bond loans by checking out websites like http://directfinanceloans.com.au/reasons-for-loans/bond-loans/ . The more you know about the matter, the fewer problems you are likely to have in the foreseeable future.

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