Rent and Bond
Your property manager will arrange the collection of the first calendar month of rent in advance, as well as the bond – usually the equivalent of 4 to 5 weeks rent.
Both rent and bond are paid into the agents account. The bond should then be held by the Residential Tenancies Bond Authority, a government agency.
Calculating monthly rent
The easy way to do this is to divide the weekly rent by 7, multiply by 365 and then divide by 12.
For example, $400 per week ÷ 7 x 365 ÷ 12 = $1,738.10 (rounded to two decimal points).
Why is rent charged as a calendar month?
It seems convoluted, but the reason monthly rent is calculated as a calendar month is because months of the year don’t contain exactly four weeks (four weeks is only 28 days), most months have 30 or 31 days.
See more information about calculating rent at: www.vcat.vic.gov.au/resources/how-to-calculate-rent
How do I pay rent?
Rent is usually now only collected electronically using systems such as BPay. We recommend setting up an automated deposit so you never miss a rental payment.
Your rent and bond must be paid to secure the property. Timely rental payments are essential and will contribute to good rental references into the future.