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Business Scoop » Landlords Say That Money Would Be Better Spent On Something Else

Press Release – NZ Property Investors Federation The government used the housing announcements of March 23 as its main avenue for legislation relating to rental properties. Still, it has, however, set aside $80 million in yesterdays Budget for the Bond Centre, Tenancy Tribunal, and Healthy … The government used the housing announcements of March 23 as its main avenue for legislation relating to rental properties. Still, it has, however, set aside $80 million in yesterday’s Budget for the Bond Centre, Tenancy Tribunal, and Healthy Homes initiatives. $16 million has been set aside to enable the Compliance and Investigation Team to do work relating to the compliance of Healthy Homes regulations, $41 million for Tenancy services, $18 million for capital funding of the Bond Centre and $20 million for a new IT system for the Bond Centre, and $5 million for support of the Tenancy Tribunal.

Repeated failure to lodge bonds results in $23,500 fine for property managers

The tribunal also made an order restraining Prime Rentals from committing any further breach of its duty to send bonds to the Bond Centre within the required time. While there is no legal requirement to charge a bond for a tenancy, it is considered best practice to do so. If a bond is charged, the Residential Tenancies Act requires the landlord, or property manager, to lodge it with the Tenancy Services bond centre within 23 working days of receiving it from the tenant. In the ruling, the adjudicator said evidence provided by MBIE showed that in each of the 23 cases the tenant paid the bond to Prime Rentals on or about the start of the tenancy.

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