The maximum Bond allowed is 4 weeks rent equivalent.
The bond can be increased / 'topped up' during a tenancy if the rent is increased. If you charge bond equivalent to 3 weeks rent and rent went up by $10 per week, then you can only 'top up' bond by $30. You wouldn't be allowed to 'top up' bond to be equivalent to 4 weeks rent mid-tenancy.
The Bond remains the tenant’s money. While the tenant pays the Bond to the landlord, at the end of the tenancy, the tenant is entitled to a refund for the full Bond amount unless the landlord can show that any deductions should be made.
To ensure that the Bond payment and holding process is conducted safely and securely, the Bond (and any top-ups) should always be lodged with Tenancy Services. They hold the Bond for the period of the tenancy and will only release the Bond to the tenant or landlord once the completed bond refund form is received by them.