Owners Corporation Finances
27th Jul 2018

New laws for low-rate "Cladding Rectification" loans to be considered by Victorian parliament Owners Corporations could soon have access to low-interest loans for the removal of flammable cladding on their buildings. New laws were introduced to the state parliament on Thursday by Legislation Planning Minister Richard Wynne, which will allow for the creation of Cladding Rectification Agreements between building owners, local councils and lenders. The laws would allow lenders to offer low-rate loans ...

12th Jul 2018

Insuring your property is one of your Owners Corporation’s non-negotiables. It simply has to be done as per the Owners Corporation Act VIC 2006. However, some customers may have noticed that premiums for cover have been rising at a steady rate recently. Strata Plan sat down with CHU Strata Insurance Business Development Manager Scott Allen to chat about the state of the strata insurance market and what is causing the rises. A PRICE ...

25th May 2018

THE DBDRV – A NEW WAY TO SOLVE BUILDING DISPUTES? In April 2017, the Domestic Building Dispute Resolution Victoria (DBDRV) was established by the Victorian government. A business unit of the Department of Justice and Regulation, the DBDRV was established as an independent government agency to assist with the resolution of domestic building disputes. The service is free to building owners – such as an Owners Corporation - and builders and acts as ...

21st May 2018

WHERE THERE’S A WILL, THERE’S A WAY | HELPING AN OWNERS CORPORATION MANAGE AND RECTIFY BUILDING DEFECTS Strata Plan believes that Owners Corporations work best when owners take an active interest in their property and work collaboratively with all stakeholders to co-create amazing outcomes. And when it comes to amazing outcomes, it does not get much better than having $100,000s worth of building defect rectification for mere $1,000s. For some property owners, this ...

24th Apr 2018

Energy Efficiency: How does your Owners Corporation and Building Stack Up? Ever wondered how your building compares to others out there? Soon, you will be able to do just that. The NABERS program has been around for 20 years, benchmarking the energy efficiency of commercial properties by measuring their consumption and expenditure and now the rating tool is coming to residential buildings and your Owners Corporation. If you’ve ever pondered why some building ...

23rd Apr 2018

Identifying Defects When it comes to suspected building defects, it’s important to know all the facts. Defects are an emotional topic for property owners – however it is often a topic that is rife with misinformation, opinions and competing interests. This can make the process of defect rectification a painstakingly long one. The typical defect process can take over a year to resolve and cost 10s of thousands of dollars to finish. To ...

17th Apr 2018

CONTAMINATED RECYCLING BINS A HAZARD FOR ALL The fallout from China’s foreign recycling import ban continues to affect property owners and waste management service providers alike. China announced it would no longer import recyclable waste products from overseas counties in July 2017, and all of a sudden, Australian recyclers had to find somewhere else for the 619,000 tonnes of materials China used to take on board. The result has meant that recyclers have ...

22nd Mar 2018

Four Reasons Your Manager Should Attend Your Body Corporate Meetings If you are a member of your Owners Corporation’s committee, you’ll knows that it can be a lot to take on. Whether you live in a 10-lot development or a 100-lot development, many of the problems Owners Corporations and their committee members face are the same. More often than not, these problems relate to resolving disputes – either between lot owners and tenants ...

21st Mar 2018

China Recycling Ban To Impact Body Corporate Waste Costs? Who would have thought that China's foreign policy would have such ramifications on the humble Owners Corporation? Unfortunately, a recent policy shift from the Asian superpower is set to have a big impact on Owners Corporations and their costs with respect to waste management - and it could be an even bigger pain than dealing with hard waste! Prior to 2018, China was the ...

15th Mar 2018

Four Things Your Owners Corporation Committee Should Be Doing Owners Corporations are a team effort. They depend on the collaboration of many to co-create good amazing life spaces. Your Owners Corporation is the body that comprises all lot owners in your building. Essentially, if you own a unit, town house, apartment or even a commercial property in a building or development with a Plan of Subdivision, you are a member of that development’s ...

1st Mar 2018

Maintenance Plans: What are your Owners Corporation's obligations? Maintenance fund plans are an effective way to ensure your Owners Corporation is saving the money it will need in the future to repair and maintain your building’s major assets. But a maintenance fund plan is about so much more than simply putting money away for a rainy day. A maintenance plan is about taking the guess work out of how much you and your ...

27th Feb 2018

What are pro-rata levies? You’ve done everything right. You attended your Owners Corporation’s Annual General Meeting (AGM). You were part of the discussion about raising the budget to what you believed was a sensible, but affordable amount. Then you got your latest levies, and they were higher than you anticipated. How did this happen? Welcome to pro-rata levies. Your levies are a direct reflection of your Owners Corporation budget. Every year at your ...

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