VIC: Residential Tenancies Act Section 410B Payment of substitute bond

Payment of substitute bond

(1) A renter under a residential rental agreement may substitute an amount of bond paid by the renter and held by the Authority in relation to that residential rental agreement with an equivalent amount of bond paid on behalf of the renter by Homes Victoria or an agent of Homes Victoria (whether in the form of a Homes Victoria voucher or otherwise).

(2) For the purposes of subsection (1), a renter must—

(a) complete and sign a bond substitution form containing the prescribed information; and

(b) give the substitute bond to the Authority, in the form approved by the Authority, together with the completed bond substitution form.

(3) The Authority, within 7 days after receiving a substitute bond, must give a receipt to—

(a) the residential rental provider under the residential rental agreement; and

(b) the renter; and

(c) the Director of Housing.

(4) A receipt under subsection (3) must—

(a) confirm that a bond substitution has been effected; and

(b) specify the amount of bond substituted; and

(c) contain the prescribed information.

(5) The receipt may be given in the manner determined by the Authority. Note Section 506(1)(da) provides that a document to be served on or given to a person under this Act may be served or given by electronic communication in accordance with the Electronic Transactions (Victoria) Act 2000.