What to know
- The landlord must invest the deposit in an interest-bearing account and account for the interest as required by law.
- The tenant can request written proof of accrued interest during the lease.
- If nothing is owing at the end, the deposit plus interest must be refunded within seven days of expiry.
- If lawful deductions are made for amounts due or damage, the balance and interest must generally be refunded within 14 days after restoration of the dwelling.
Professional advice
This guidance is general information. Where legal, tax, structural, compliance or regulated-work consequences may apply, obtain advice from an appropriately qualified professional for your circumstances.
Research anchorRental Housing Act section 5(3).
Important Information
The information in Fabulous Homes Insights is provided for general property education and information. Property, tax, finance, sectional-title, rental, municipal and compliance matters can differ according to individual circumstances, contractual terms, scheme rules, municipal requirements and changes in law. Where necessary, readers should obtain advice from an appropriate attorney, conveyancer, tax practitioner, financial professional, property practitioner, engineer, inspector or other suitably qualified professional.
