Under the new rental laws, rental providers (landlords) can only ask for a maximum of one month’s rent as a bond, and can only require rent to be paid one month in advance unless the weekly rent is more than a certain amount.
The rental provider can only charge more than one month’s worth of rent for the bond or require a renter to pay rent more than one month in advance if the weekly rental amount:
- is more than $900, or
- VCAT has set a higher maximum bond for the rental property.
This will also apply to bonds for site agreements in residential parks.