Penalty Interest /
Debt Recovery Interest Waiver Request Form

Use this form to apply to have your penalty interest/debt recovery interest waived. Please Note: Strata Plan will not make a decision on your application. Only your Owners Corporation has the power to waive penalty interest/debt recovery interest.

Penalty Interest WaiverDebt Recovery Interest Waiver
Requestor Details - (If you don't know your Plan of Subdivision Number, click here. You can also find your Plan of Subdivision Number on your fee notice)
Property Owner's Details
Penalty Interest Details Please provide dates when the interest was charged (Minimum one and Maximum three dates can be specified), Total amount charged and the reason for requesting interest waiver


Additional Information


What happens next? As from the 1st January 2011 section 29 of The Owners Corporations Act 2006 (as amended) requires that the decisions to waive interest must be reported at each Annual Genral meeting. To ensure that we meet legislative requirements please complete this waiver of penalty interest form. The submitted form will then be tabled at the next Annual General Meeting or Committee of Management meeting, seeking approval of your request. Should your request be successful, the interest will be reversed. your request, successful or otherwise, will be noted in the "waiver of interest"report at the next Annual General Meeting of your Owners Corportaion.

Legislation: Owners Corporation Act 2006

29. Penalty interest on arrears
(1) If authorised by a resolution at a general meeting, an owner's corporation may charge interest on any amount payable by a lot owner to the owners corporation that is stil outstanding after the due date of payment.
S. 29(1) amended by No.1/2010 s.23(1)
(2) The rate of interest charged must not exceed the maximum rate of interest payable under the Penalty Interest Rates Act 1938
(3) The owners corporation may waive the payment of interest in a particular case.
(4) The owner's corporation must report to the annual general meeting on any decision under subsection (3) to waive or not waive aqnd the reasons for that decision.
S. 29(1) amended by No.1/2010 s.23(2)

134. Address of new owners
(1) A lot owner who sells a lot must advise the owners corporation of the name and address of the enw owner within a month of completion of the contract.
(2) A person who acquires a lot must advise the owners corporation of the person's name and address within one month of the completion of the contract.

Address of absent owners
A lot owner who does not occupy the lot of who will be absent from the lot for more than 3 months must advise the owners corporation of the lot owner's mailing address in Australia for service notice and any changes to it as soon as possible.
S. 135 amended by No. 36/2011 s.9(2)(ILA s.39B(1))
S. 135(1) amended by No.36/2011 s.9(1)
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