Monthly Archives: April 2015

Rental agreement

Applying for a rental property

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Are you thinking about moving into a new property? Shifting from interstate, overseas or out of home? Then it is a must that you understand how the process works in the state you are in. Being informed of your rights and responsibilities will save you time, money and possible disputes before, during and after your Tenancy period.

Here are some helpful tips to get you ready before you sign your Tenancy Agreement.

Decide on what you need first

Do you need a house or a flat? One bedroom or three? What is your budget? Location is important, if you don’t have a car research how you will access public transport and the distance to local amenities.

Know your rights and duties 

Did you know you have a legal obligation, as a tenant, to have viewed the property before signing a lease? The Residential Tenancies Act covers Victorian rental properties and Consumer Affairs Victoria have published a booklet called “Renting – Your Rights and Responsibilities”. You should receive a copy of this booklet from your Landlord or Agent when you sign the Lease agreement.

Arrange references 

When you find a property you like and want to submit an application, you’ll need to supply referees. It helps to have all their details on hand, and to have sought their approval before providing their details. Referees and References from previous Landlords, employers and bank statements are usually the most commonly asked for.

Understand the rental process

Once you have been approved for a rental property you will be required to pay rent one month in advance and a bond which is normally equivalent to one months rental (sometimes this amount can be higher if the weekly rental is more than $350 per week) the bond is held with the Residential Tenancy Bond Authority and will be refunded at the end of the tenancy if the Lease conditions are met.

You will be required to sign a Residential Tenancy Agreement usually for a period of 12 months however this can vary.     

If you have any questions or would like more information please feel free to contact us or visit the Consumer Affairs website at http://www.consumer.vic.gov.au/housing-and-accommodation/renting