QLD Rental Law Update: New Rules for Lease Breaks, Bonds and Invoicing
The Queensland government recently announced the proclamation dates for stages two and three of the New Rental Laws, being 30 September 2024 and 1 May 2025 respectively.
Break of Lease
Effective from 1 October 2024, all new leases will be governed by the new legislation in relation to the amount of compensation that a tenant who breaks their lease will be required to pay. They have certainly made the changes in the tenants’ favour, and it will see investors left out of pocket when a tenant breaks their lease.
Leases that were signed prior to 30 September will still be treated within the framework prior to the proclamation so tenants will be remain liable for the full break of lease costs and rent until a new tenancy commences.
The new method for calculating break-of-lease costs will now be determined by how much of the tenancy has passed, existing leases are not affected until they are renewed.