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What is a Tenancy Bond?

When you move into a rental property, most landlords will ask for an amount equivalent to a few weeks of rent (usually four weeks) up front, for security. This is called a Tenancy Bond and gives the landlord funds that can potentially be used in the event of any tenancy issues. The maximum bond amount that a landlord may ask for is 4 weeks’ rent.

It's important that a Tenancy Bond is held independently.  New Zealand Tenancy Bonds must be lodged by the landlord with the Ministry of Business, Innovation and Employment within 23 working days of being collected.

At the end of a tenancy, the landlord may claim for any breaches of the Tenancy Agreement such as damage caused to the property, non-payment of rent, removal of chattels or for cleaning purposes.  If there are any disputes over how much of the bond should be refunded, either the landlord or the tenant can make an application to the Tenancy Tribunal for mediation or, if necessary, a legal decision.
If there are no claims made by the landlord, the full amount of the Tenancy Bond will be refunded to the tenant.
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