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Millions in rental bond refunds go unclaimed

Millions in rental bond refunds go unclaimed

by Staff Reporter 0 comments

Almost $10 million dollars in rental bonds remain unclaimed in Queensland, with the Residential Tenancies Authority (RTA) urging people to check whether they forgot to collect their bond.

The Courier Mail has reported that 42,500 people have failed to claim their rental bond refund from the RTA over the last 25 years, with one person failing to claim $7,200.

Queensland's minister for housing and public works Tim Mander said the RTA was currently holding on to $9.35 million in forgotten bonds, with most valued around the $250 mark.

"A lot of people don’t realise they’ve got a bond that’s unclaimed,” he told local press. "We want to make sure that people have an opportunity to make a claim ... you’ll always preserve the right to claim your bond."

Under legisaltion, any bond that has not been claimed for 15 months is classified as unclaimed. If it remains unclaimed after seven years the state government can reinvest the money into affordable housing.

The RTA advised that tenants and landlords will keep their right to claim their forgotten bond at any time, even if the seven-year period has lapsed.

It added that sometimes people don't provide their forwarding address and a refund cheque is returned to the RTA. Other times, people simply don’t take the cheque to the bank to cash.

Millions in rental bond refunds go unclaimed
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