The rental bond is requested as financial protection should there be a breach in the lease agreement. Your rental bond will be lodged with the Residential Tenancy Bond Authority. The bond is held as security against any property damage or undue wear and tear. In the event that there is no damage to the property over and above 'normal wear and tear' expected during the term of your tenancy, the bond amount will be refunded promptly after you vacate.
The amount of the bond is specified in the lease document. The equivalent of four weeks rent is common practice plus an additional amount in some cases where pets or furnished properties are involved.
If we need to recover costs associated with the end of the lease, for instance unpaid rent, or repairs to damage caused by you, then only the exact costs associated will be claimed, with the remainder returned to you.