Need to lodge rental bond VIC? Self manage

[huntresslove]

Hi, i've a quick question for those of who self manage rental properties.

I've always thought that you are required by law to lodge the bond to the rental authority in VIC. I was told today that was not the case.

If you self manage the property you have a choice whether to lodge the bond or not.
I was wondering if this is correct?

does most ppl lodge the bond, more so as a requirement for insurance?

thanks!

 

[wobbycarly]

What are you going to do with the bond if you don't lodge it?

And I'd be wary of accepting future advice from your source.

http://www.consumer.vic.gov.au/CA25...~&2=030-Rental+bonds~&3=020-Lodging+the+bond~

All rental bonds for properties in Victoria must be lodged with the Residential Tenancies Bond Authority (RTBA).

"All" and "must" are fairly definitive.

 

[huntresslove]

What are you going to do with the bond if you don't lodge it?

And I'd be wary of accepting future advice from your source.

http://www.consumer.vic.gov.au/CA25...~&2=030-Rental+bonds~&3=020-Lodging+the+bond~



"All" and "must" are fairly definitive.

I figure if you can keep the bond then it'll be earning interest in the bank, it's not much but still something.

Thanks for your reply wobbycarly and pointing that out.

My friend heard on the radio, where to call in and ask questions.

 

[Perp]

Of course you have to lodge the bond. Penalty is 10 units, which translates to $1194.50 in 2010-11.

 

[marg4000]

It is just not about knowing what to do with the bond.

If you intend to self manage then you must learn ALL the rules and regulations to ensure you are not breaking any laws.
Marg