“But I paid two weeks in advance …” How it works.
We are regularly asked the question: “What about my two weeks in advance?” This question is usually asked about two weeks prior to tenants vacating. The assumption that they don’t need to pay their rent two weeks prior to moving out is incorrect. We’ll try and simplify the explanation:
2 Weeks Rent In Advance Explained
At the beginning of the tenancy, tenants pay their bond plus two weeks rent. The two weeks rent pays them for their first fortnightly period.
Two weeks later their rent is due again; that rental payment pays rent for the following fortnight and so on.
Lets say the lease starts on the 1st of January. On this date, the tenant has paid their bond (equivalent to 4 weeks rent) and two weeks rent in advance.
- The rent is paid for from January the 1st unti January the 14th inclusive; 14 days.
- On January the 15th : the next two weeks rent is due.
- The rent is paid from January the 15th until January the 28th.
- On the 29th of January the rent is due again, and the tenancy continues in this fashion.
- The two weeks rent is “used” or “credited” for next 14 days and you start again. At the end of each period, there is no rent in credit.
- If the rent continues to be paid regularly, each fortnight, the final rental payment is due and payable two weeks prior to the lease end date.
- If your lease starts on a Friday (or whichever day it begins), the next rental payment is due on Friday (or whichever day it started on).
It is very easy to set up a regular payment from your account to our Trust Account to occur every second week through net-banking. Please be aware of the time it takes to clear your account into our account; it's best to arrange the transfer to occur two days prior to the rent due date.
A tenant can access their rental ledger at any time through the Absolutent.com.au website and the tenant portal.
Please note the bond remains in a Trust Account for the tenant until the finalisation of the tenancy.
For any other questions on your tenancy give us a call on 08 8930 6600 or email us on firstname.lastname@example.org