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Over 100,000 Queenslanders are owed millions in unclaimed rental bonds, and the state’s residential authority is urging people to collect their money.
As of June 2023, Residential Tenancies Authority (RTA) reported it holds over 114,000 unclaimed bond payments on behalf of tenants, property managers and owners in Queensland estimated to be worth a collective $52 million.
RTA chief executive Jennifer Smith said that while it’s “hard to imagine” forgetting to claim a rental bond, she acknowledged ending a tenancy can be a busy time for all involved.
“In most cases, when a tenancy ends, the RTA will issue a bond refund to relevant parties to the bank account details provided. Sometimes these refunds are not successful, due to missing or incorrect customer details,” she said.
Data showed almost half or 48 per cent of the bonds are worth more than $300, with the biggest outstanding bond being $25,796.09.
Brisbane topped the list of local government areas with the highest number of unclaimed bonds at 39,991. This was followed by the Gold Coast (15,440), Moreton Bay (6,33O), Sunshine Coast (5, 861) and Logan (5,347).
Rounding out the top 10 were Townsville (5,076), Cairns (5,013), Toowoomba (4,042), Ipswich (3,969) and Mackay (2,460).
On a suburb level, Surfers Paradise leads with the highest number of outstanding bonds at 1,814. The coastal suburb was followed by Southport (1,420), South Brisbane (1,012), St Lucia (1,012) and Toowong (836).
Brisbane City ranks sixth with 799 unclaimed bonds, followed by Robina with 760, West End with 689, New Farm with 645, and Fortitude Valley with 586.
To make the process easier for people to claim their outstanding bonds, the RTA has launched an extensive statewide campaign which includes a new online form on its website for people to check their records and claim the bond back, working with stakeholders to ensure outstanding bonds are claimed.
Ms Smith urges Queenslanders to check for unclaimed bonds regardless of how long they have been held.
“Our oldest outstanding bond payment dates back to 1990, so if you’ve forgotten to claim your rental bond, regardless of how long it’s been, this campaign is your reminder to check in with us,” she said.
The executive also underlined the importance of Queenslanders keeping their details up to date with the RTA.
“The average value of an outstanding bond payment is $454.99, so it does pay to keep your details up to date with the RTA, as this ensures that you will be able to receive these funds quickly,” she stated.
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