So, you’ve got your rental application approved but changed mind? No dramas, We’ve all found ourselves in that spot. In this article, we’ll steer you through navigating this tricky predicament in Australia, covering all bases – from your lease agreement to safeguarding your bond money. Is your rental application approved, but changed your mind? Let’s dive in.
Understanding the rental agreement
Before we dive into tips on finding a rental or having a yarn about the posting clause, it’s top-notch essential to wrap your head around what a lease agreement or tenancy agreement actually is. This legally binding document lays down the law about your duties as a tenant and what the landlord has to do.
Comprehending the lease agreement
You’ll be amazed by what you might unearth when you read the fine print. Important rental terms like the month’s rent, condition report, and clauses about wrapping up your lease prematurely are all important.
Implications of breaking the lease agreement prematurely
Bailing on your lease before it runs its course can cause a bit of a kerfuffle. It might see you kissing your bond money goodbye, and it could leave a bit of a blot on your rental history.
Security deposit insights
Your security deposit or bond money is a big part of the rental game. It’s there as a buffer for the landlord if you cause any havoc or fail to pay rent.
When and why is a security deposit forfeited?
Saying cheerio to your bond money usually comes about because you’ve gone and broken the terms of your lease agreement. Wrecking the property, doing a runner without letting anyone know, or being in arrears with your rent are all typical causes.
Tips to safeguard your security deposit
Your best bet is to treat your rental property like it’s your own, make sure you pay your rent when it’s due, and keep the chat with your landlord clear and above board.
Navigating the rental application process
The rental app process can be hella confusing, especially if you’re a newbie tenant. Don’t fret – we are here to break it down!
Stages of the rental application process
There are a few processes between filling out a rental application form and having it approved, from the first screening process to the actual application itself. Tenants-to-be must avoid providing any false information and supply only accurate details.
For more information on the typical timeframes, check out How Long Does a Rental Application Take to Be Approved?
Approval of the rental application
Once your application is approved, you’ll typically pay an application fee. It is usually non-refundable, even if you change your mind later.
The signing of the rental agreement
Before you put pen to the dotted line, make sure you give that lease agreement a good once-over. Read the fine print before you sign anything. If you are unsure of your future movements, you can consider adding a posting clause to the lease.
Steps to handle a change of mind
If your rental application was approved but changed your mind it means you decided this apartment is no longer a good fit for you. We’ve all had a change of heart – so don’t worry about it.
Before lease signing
Alrighty – take a long, hard look at your situation before you commit to that lease. Think about why you’ve changed your mind again; may it be the area? Maybe it’s the cost. Whatever it is, don’t be afraid to chat with the landlord about it.
Be open and honest, and remember that it’s your rental history on the line here. Acting swiftly can also help you avoid unnecessary fees.
After lease signing
If you’ve already signed the lease and are still doubting, don’t panic. While a lease is a legally binding document, you still have options. First off, understand your rights under the tenancy agreement.
You might also explore the possibility of subleasing. In some tricky situations, you might wanna get a legal advisor involved. Remember, every choice has consequences, so be informed before proceeding.
Be prepared to pay fees
Going by your landlord’s policy, you might need to shell out for an application fee, a processing fee, and even a penalty for backing out of your application. These costs can stack up faster than a game of Jenga, so it’s important to brace yourself for the expenses that come with changing your mind.
Before you give your rental application the flick, it’s a ripper idea to chat with your landlord or property manager to uncover what fees you might be up for. You could be on a good wicket – the landlord might decide to waive the fees or agree to shave a bit off.
But remember, if you opt to back out, you should still brace yourself to shell out for the fees outlined in the rental agreement, as that’s all part of the package.
Frequently asked questions
Can you withdraw your rental application after approval?
Yes. You can totally ghost your application even after approval. Just a heads up – you might be outta luck on that application fee – it’s usually non-refundable. It’s best to send an e-mail to the landlord or property manager as soon as you’ve made your decision. By doing that, you’re showing respect for their time and allowing them to start the hunt for a new renter.
What happens if you change your mind after signing a lease?
Once you sign a lease, you’re tying yourself into a legally binding agreement. If you shift gears after this, things might get a bit sticky. You could end up footing the bill for the rent until they find a new tenant or even wave goodbye to your bond money.
It’s dead-set crucial to get your head around the nitty-gritty of your lease agreement, which will spell out the process and penalties for pulling the pin on your lease.
Will you lose your security deposit if you back out?
Whether you’ll lose your security deposit, or bond money, comes down to the specifics of your lease agreement. If you decide to bail after signing the lease, you’ll have to say cheerio to at least a chunk of your deposit.
That’s because the landlord might need to run a few more background checks and spend extra time looking for a new tenant to fill your shoes.
How can you protect my interests during the rental application process?
To look after your own interests, always be straight-up and crystal clear in your application. Telling porky pies could see your application getting denied or even put an end to your lease.
Also, ensure you’re across the terms of the lease agreement before you sign, and don’t be shy about asking questions if anything’s got you stumped. It’s always a good idea to get everything clarified before you put pen to paper.
