A bond is money that landlords ask tenants to pay as security when they move into a property.
Why do I have to pay a bond?
Paying a bond is standard practice when renting in Auckland. It protects landlords as it can be used to cover unpaid rent, damage to the property or any claim relating to your tenancy.
Your money will be held by The Department of Building and Housing’s Tenancy Services and, providing you maintain the property properly and have no rent arrears, you should receive it back in full at the end of your tenancy.
How much is it?
You usually need to pay the equivalent to 3 weeks rent but legally it can be as much as 4 weeks rent. Your Goodwin property manager will confirm this.
How do I protect my bond?
It is very important that you attend the property inspection with your property manager at the start of your tenancy.
A detailed inspection report will record the condition of various parts of the property and list all chattels and the condition they are in.
Ask your property manager to list anything you believe should be recorded.
Having a comprehensive report as part of your written tenancy agreement can be very useful evidence if any problems or disputes arise later on. Your property manager may use a digital camera to record any damage. Should you discover existing damage after the initial inspection, contact your property manager immediately so this can be attached to the inspection report.
How do I pay my bond?
Your property manager will ask you to sign a bond lodgement form and will lodge your bond with Tenancy Services within 23 working days. You will receive a confirmation letter within 6 weeks.
What about my refund?
When your tenancy ends, your property manager will conduct another inspection. Unless there is a dispute about any outstanding issues, they’ll ask you to sign a completed bond refund form. You should receive your refund within 3 days of the form being submitted.
Refunds are made by direct credit to the bank account number on the refund form and can only be made to a New Zealand bank account.
Can my bond be transferred?
It is possible to transfer your bond to a new tenancy if both your old and new landlords agree. Talk to your property manager if you would like a transfer rather than a refund. Transfers usually take about 10 days to process.