› Flat Chat Strata Forum › Levies and Unit Entitlements › How do I stop owners corp adding to the sinking fund to every quarterly bill › Current Page
I assume that Victoria, like other jurisdictions, requires an Owners Corporation (OC) to have a Sinking Fund Plan (SFP), usually for 10 years
Unfortunately Sir Humphrey, that assumption is incorrect. In Victoria only a prescribed (read large) OC needs a Sinking (Maintenance) Fund. For most OCs it’s optional. None of my smaller OCs do it, but it’s up to them.
And in Victoria, villa stratas, as described by the OP, usually have very little common property. Often just the driveway. Lot property usually includes the lot villa buildings. So an OC’s usual major annual expense is building insurance. There’s not much else an OC needs to do or maintain. And that seems to be reflected in the OP’s post ($400/quarter levies).
So why the levy hike? I think there might be a bit more to the OP’s situation?