Think about renting a new place. It might be thrilling, but it can also be intimidating as well. It can be tiresome to learn whether your whole application process has been approved. This happens when you have chosen the ideal rental property.
You will have to submit a rental property application along with all relevant tenancy documents. The final decision in the rental application approval process is not the only crucial thing. For most applications for rental properties and applications, the issue is with what occurs once the rental company accepts the rental application.
Here is what you need to know about what happens after you get the final decision back and have your rental application process approved in Australia.
Whether it’s your first time applying for a rental property or your 20th, improvements can always be made. Be sure to check out this article on how to write a cover letter for your rental application. We also have tips on how to make your rental application stand out.
What happens after the rental application is approved?
To help you get prepared for the rest of the rental procedure, here’s what you can expect once your rental application gets approved.
If you check out the status of the property listing and it is now showing ‘under application‘, this means the landlord and property management team are reviewing applicants.
Signing the lease agreement
The agreement must be signed when your rental application has been accepted.
It is a legally binding agreement that specifies the terms and conditions of renting your tenancy as a suitable tenant. This includes the amount of rent to be paid by the terms of the agreement. You or another tenant must abide by any other unique requirements.
You should thoroughly study the agreement and then sign it. This is to ensure you know all the terms and conditions. Ask the agent to state the property owner and manager’s landlord. You can contact the management to have them explain anything unclear to you.
Paying the bond
In Australia, landlords frequently demand a rental bond or proof of your annual income before letting you move in. A bond is a quantity of money that is kept as security on your property.
This is in case you do damage to the tenant or property. Or you fail to sign up for a sign up meeting due to paying your dues. It is typically equal to four weeks’ worth of regular rental payments of the decided amount.
You must pay the bond when your rental application process has been accepted. This can be done to the applicable state of holding the bond against rental payments. The territorial rental authority can also do this. You will be given a receipt to hold for proof of payment.
Pay the rent in advance.
You should pay the rent in advance before moving in. Your agreement will determine how much you, the tenant, must pay upfront. Most landlords demand two weeks’ worth of dues up front. Some others may ask tenants for three weeks’ rent or more.
Condition report
Draft a condition report after signing the leasing agreement and paying the bond and rent in advance. A condition report is a thorough account of the property’s state at the start of your tenancy. It’s crucial to fill out this report completely.
Note down any damage or problems with the property address you find right away. The property agent and damage condition report are crucial. You’ll need it as a guide when you leave. You might be held accountable for fixing any damage to the property even If it is not mentioned in the property agent condition report.
Collecting the keys
You can pick up the keys to the property once the condition report is finished. Here the bond and first month’s rent have been paid, and the agreement has been signed. The landlord or property management will coordinate a time and location.
Then you can pick up your keys. Check all the keys to the property to ensure they all function correctly before you move in. Any problems with the keys should be reported right away. You can notify the landlord or the property managers of their emergency contact details.
Moving in
You can finally move in once all the paperwork is finished. When moving your possessions into the property, keep in mind to take your time and be cautious. You don’t want to unintentionally harm anything.
It is a good idea to become acquainted with your property manager. Know about any unique property requirements or guidelines once you have moved in.
People also ask
How long will it take to hear about your application in Australia?
The time it takes to hear back from most property managers about a rental application can vary depending on a few factors. These include facts related to the property and landlord.
It is common for the rental application approval process, including the reference checks, to take around 2-3 days. If you haven’t heard back after this time, following up with the landlord or property manager is a good idea. As one hardly ever gets a response in case of incomplete applications.
For future rental applications, a hot tip would be to keep a positive attitude. Keep checking tenancy databases to know if your name pops up in the shortlisted applications.
Here is a whole article with more information about how long it takes for a rental application to be approved.
Can I modify the terms of my lease after the landlord accepts my rental application?
Negotiating some terms of your agreement with the agent and past issues is possible. Like, the length of the lease or the amount of rent you have to pay. You should do this while referring to any change in employment status or your regular income.
Doing this before you sign the full tenancy agreement and complete the process is important. Once you have signed the contract, it becomes a legally binding contract, and it can be difficult to make changes.
How do I pay the bond for a rental property in Australia?
Tenants usually pay the bond by bank transfer or using a rental bond lodgement form provided by your property manager, agent, or relevant state or territory rental authority.
Once you pay the rental bond, you, as a tenant, will receive a receipt confirming that it has been lodged.
It is important to keep this receipt safe, as you will need it when you move out of the investment property.
What should I do if, after moving in, I discover damage to the property?
If you notice damage to the property after you have moved in, it is important to report it to the landlord or property manager as soon as possible. You could want to document the damage using photographs as proof.
If the damage is not listed on the property manager or condition report, the landlord may hold you responsible later.
