May 21, 2014
Do your remember the scare stories about a Federal Government “cash grab” from inactive superannuation and bank accounts? Well, the State Government is doing the same thing with forgotten rental bonds.
But just as the Federal Government’s actions were not nefarious back in 2012, neither are the State Government’s activities now.
More more than 42,500 Queensland residential tenants and rental property owners have forgotten to get their bond refunds.
Housing Minister Tim Mander said today the Residential Tenancies Authority was holding $9.35 million in forgotten bonds that had accumulated over the past 25 years.
Mr Mander said any bond that had not been claimed for more than seven years may be reinvested into affordable housing.
As of April 2014, $3.68 million in unclaimed money had reached the seven-year mark.
“Any money that is not claimed after seven years will be reinvested in housing projects for some of Queensland’s most needy,” Mr Mander said.
But that doesn’t mean the money is gone forever.
Just like bank account and superannuation account owners could claim their money back from the Federal Government, people owed bond refunds can still claim the money back from the RTA.
“I want to encourage people who have forgotten their bond refund to contact the RTA and get their bond money back,” Mr Mander said.
“Tenants and landlords can rest assured they will keep their right to claim their forgotten bond at any time – whether the seven-year period has lapsed or not.
“It’s a win-win situation and allows us to deliver on our election promise of revitalising frontline services.”
RTA Chief Executive Officer David Eades said there were some bonds that had been unclaimed for 25 years.
“We have had several campaigns in the past to reunite people with their unclaimed bonds and we have worked hard to streamline this process making it easy for people to get their money back,” Mr Eades said.
“It is a waste to see this money sitting idle when it could be used to house needy families in new social housing.”
To claim a forgotten (uncashed) bond people need to provide their name and the address of the rental property as well as three other facts about the tenancy such as the landlord’s name, weekly rent paid, and bond amount.
Anyone who thinks they may have a forgotten bond can visit the RTA website or call 1300-366-311 for more details on how to make a claim.
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