Topic: Too-fast loan repayments quadruples levies – FLAT CHAT

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10/09/2019 at 11:33 pm #42003 Reply | Quote
boxfee
Flatchatter
Major capital works projects were approved at our recent AGM. Once the motions to proceed with these controversial projects were passed, nearly half of the room of owners emptied. The later motions in relation to payment options were passed by those owners remaining in the AGM (probably 30 of 150 owners). The special levies for these major capital works will be debt funded. The lender gave options for repayments over 5 years and 8 years. The OC put forward only one motion at the AGM, to repay the loan over 2 years (8 payments). This motion was passed. The quarterly strata fees are currently approx $1400 on average. The special levy will add a further $5000/ quarter over the next two years.

Are there any schemes available to assist owners who cannot afford the huge jump to $6400/quarter? Any options at all (aside from selling, trying to raise external finance).
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Reply To: Reply #42018 in Too-fast loan repayments quadruples levies

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