SearchHow can I lawfully raise the bond amount?
Dave Brown asks:
(updated on Tuesday, May 06th 2008)
Our Experts Answer:
When the rent is lawfully increased, the Residential Tenancies Act 1986 also allows the landlord to increase the bond by an amount not exceeding the amount by which the rent has been increased. This means that if the bond amount was four weeks rent at the beginning of the tenancy, a landlord can require the tenant to increase the bond to four weeks rent at the current weekly rent rate. Any additional bond payment requested from the tenant must be lodged with the Department of Building and Housing, using a Bond lodgement form and indicating that it is a payment to an existing bond. Bond lodgement forms are available on the Department ‘s website www.dbh.govt.nz.The Department of Building and Housing provides information and guidance on building law and compliance, services including weathertight homes, and advice for tenants and landlords.
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