What is a ‘Rental Bond’? (Part 4: 10 Things You Need to Think About Before Moving to Australia)
While Canadians will be used to paying “1st and Last month’s rent” when they take an apartment (which is ultimately productive and certainly tax-deductible), in Australia, you have a freakish bank-breaking cost, if you do not know what is a bond.
What is a Bond?
Australian rental policy allows the landlord to take the value of a month and a half worth of rent. This is called a “bond”. It is NOT (nor anything like) paying “1st and Last month’s rent”. The hard thing is that you are expected to come up with this money when you take the apartment AS WELL AS the first month’s rent!
Most young teachers will be coming off the university “student ghetto” rental system when they move overseas and not have this substantial amount of money saved.
Worse, (more…)
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