Rent and Bond
How do I calculate my monthly rent?
Good question. Easy answer 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).
We calculate it this way as it is the recommended method by Consumer Affairs and enforced by VCAT.
What is 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
Can I pay rent weekly?
Your lease agreement stipulates you pay one calendar month of rent in advance. As long as you meet this requirement, you can pay rent in weekly instalments. In theory, you can make multiple payments per month, as long as the full rental amount has been paid by the due date.
Is my rent paid in advance?
Yes, your rent is paid a month in advance.
Do I get a refund of a month’s rent at the end of my lease?
No. This is because you have to give 28 days notice in advance of your intention to vacate. We calculate on a pro rata basis what’s owing taking into account where you’re paid up to at the time you give notice as well as any additional days of rent to see you through to the vacate date.
How do I set-up a direct debit to pay my rent?
You need to contact your bank or financial institution to set-up a recurring transaction. To do this you will need our BPay code and a reference number, this was included on your lease agreement when you signed. If you can’t find it, give us a bell.
What happens if I am late with my rent payment?
We understand that sometimes there are unforeseen circumstances that result in delayed rental payments. Whilst we will do our best to accommodate any extraordinary viable situations, we do enforce strict arrears management procedures. It’s only fair. If you happen to fall into arrears or anticipate you will be unable to make a payment, it’s important you call our office as soon as possible.
How much is the bond?
Usually the equivalent of 5 weeks rent or as otherwise specified in your lease agreement.
Is my bond refunded?
Yes, provided the property is returned in the same condition as when you commenced the lease, taking into account fair wear and tear.
We want to return the bond to you in full. To help us ensure this happens, make sure you look after the property during the tenancy, and make sure the property and gardens are clean and tidy at the end of your lease.
Who holds the bond money?
Your rent and bond is paid into our trust account. The bond is then held by the Residential Tenancies Bond Authority, a government agency.