‘So wrong that should be illegal’

An Aussie renter was left stunned after she was told she would need to pay more than twice the amount of an average bond to secure a property. 

Erin and her partner, who live in Queensland, found a property they both liked that would cost them around $800 a week to live in. 

The couple believed they would only have to pay a bond of $3,200.

Renters across the country generally have to pay a bond that is the equivalent to around four weeks’ worth of rent. 

Erin was stunned when she found out she and her partner would have to pay more than twice the amount of money, when they went to apply for the property.

She took to TikTok to express her shock after being confronted with the huge  amount.

‘When we went to apply, there was an amount owing of $6,500,’ Erin said. 

‘I didn’t realise that when you move into a rental that’s $700 or more [in rent], the owner can charge how much they want to charge upfront.’

According to the Residential Tenancies Authority, if the weekly rent is higher than $700, landlords can negotiate the price of the bond.

The Residential and Tenancies Accommodation Act (2008), which governs rental and tenancy agreement laws in the Sunshine State, does not specify a maximum amount a tenant can be charged. 

‘You wonder why we have a rental f*****g crisis hun, woah!’ Erin said.  

Hundreds of social media users were left shocked and shared similar experiences.

‘We had a bond of $10,000 at the request of a landlord. Our property was $850 a week it was insane,’ one wrote. 

‘Had this happen, they required $7800 for ‘bond ‘ then 2 weeks rent,’ another renter wrote. 

Others expressed their disbelief over the huge amount of bond money, tenants will have to fork out to be able to afford a rental property.  

‘These prices are insane,’ one wrote.

‘So wrong that should be illegal,’ another person added. 

Some suggested that the couple should find a cheaper place to rent until they can afford a deposit. 

‘You might [save enough for a deposit] if you move somewhere for 450 a week for a few years…you can’t live in the now and prepare [for] the future it’s a sad reality,’ one wrote. 

Real Estate Institute of Queensland CEO Antonia Mercorella said these bond rules came into effect a long time ago when the property market was different. 

‘The $700 threshold was set many years ago at a time when weekly rent values were vastly different to those we are seeing in today’s market,’ she told Yahoo.  

Queensland passed new tenancy laws last month to limit the amount of bond to no more than four weeks of rent. 

Tenants can request a refund on a bond payment if it exceeds the maximum amount prior to the new laws coming into effect.   

The new laws, which will be implemented in two stages, are yet to be enforced with an official date yet to be announced.