Lodging the bond in Northern Territory

There is no centralised bond institution in the NT for you to lodge the bond to. Therefore the tenant must pay the bond money directly to you. You must provide a legal receipt to the tenant which you can easily do in Cubbi. You must also ensure the bond is deposited into a bank or other financial institution account in the Northern Territory. More info

FAQs:

Is this a trust account that does not earn interest? The account where the bond is held does not have to earn interest; if it does you will need to refer to section 114 of the Residential Tenancies Act.

Does the name on the account have to be anything particular? No, this only applies to Real Estate Agents. The person who holds the bond may wish to keep it separate and identify the property address or tenant name/s on the account.

Can the landlord just deposit the funds into their own savings account as long as the bond is deposited in a bank or other financial institution account in the Northern Territory? No. If the landlord does not reside in the Northern Territory, the bond must be lodged with a person approved by the Commissioner of Tenancies. This person must reside in the Northern Territory and you will need to provide the following details before the Commissioner may grant approval:

Property Address: 
Landlord: 
Tenant/s : 
Bond Amount: 
 
Transfer to:
Address:
Contact number:

Bank:
Branch:
BSB:
Account: