As a retail tenant in Victoria, I need to understand my rights regarding security deposits. Specifically, how should my landlord hold the deposit, who receives the interest earned, and how long does my landlord have to return it after my lease ends, assuming I meet all my obligations?
Navigate to vsbc.vic.gov.au. Locate and navigate to the 'Retail leasing rights & responsibilities' section. Find and click on the '(Bonds) Security deposits' sub-section. Identify how security deposits are required to be held. Identify who is entitled to the interest earned on the security deposit. Determine the timeframe for the return of the security deposit after the lease ends, assuming tenant obligations are met. Synthesize the gathered information into a concise answer.
State that the landlord or their agent is required to hold the security deposit in an interest-bearing account. State that the landlord is entitled to hold the interest earned as part of the security deposit for the term of the lease. State that if the tenant has met their obligations, the landlord must return the security deposit and any interest earned within 30 days of the lease ending.