From when a tenant pays their rent, to when that money is available in the landlord’s account, varies depending on the day, time and payment method. It also depends on bank clearance times for the tenant.
Essentially, landlord disbursements will take anywhere from 3-5 days to become available in their account. Funds need to clear into OurProperty first before being paid out to landlords.
The following articles explain the payment cut-off times in further detail:
Direct debit payments
Australia Post payments
Payment and disbursement examples
Example 1: Paying on time
Mon: Tenant pays before cut-off time - before 3:30pm (AEST)
Tue: Transaction clears and is processed by 10:00am
Wed: Funds disbursed to landlord. This may take a few days to clear, depending on their bank.
Example 2: Paying after the cut-off time
Mon: Tenant pays after cut-off time - after 3:30pm (AEST)
Tue: Payment is processed, as it was made after the cut-off time yesterday
Wed: Transaction clears and is processed by 10:00am
Thu: Funds disbursed to landlord. This may take a few days to clear, depending on their bank.
Example 3: Paying on a weekend
Sat: Tenant makes a payment - on weekends and Australia-wide public holidays, transactions aren’t cleared until the next business day
Mon: Transaction is cleared and processed by 10:00am
Tue: Funds disbursed to landlord. This may take a few days to clear, depending on their bank.
Funds drawn via card will show as ‘cleared’ (or ‘declined’) immediately. Direct debit payments will show on the third day from the transaction, and Australia Post payments will show on the next day after payment is cleared.