“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:
At the beginning of the tenancy, tenants pay their bond and two weeks rent. The two weeks rent pays them for the fortnightly period.
Two weeks later their rent is due again that next rental payment pays rent for the next 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 1 to January 14 inclusive. 14 days.
On January 15th : the next two rents is due.
The rent is paid from January 15 – January 28.
29th January rent is due again and the tenancy continues as such.
If the rent continues to be paid regularly and each fortnight, the final rental payment is due and payable two weeks prior to the lease end date.
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 your lease starts on a Friday (or whichever day is starts), 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 occur every second week through net banking. Please be aware of the time it takes to come out of your account into our account – so you may need to arrange the transfer a couple of days earlier than 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.