› Flat Chat Strata Forum › Levies and Unit Entitlements › Late Strata Levy Payment › Current Page
That’s right – the rate applied to overdue levies is 10% per annum, calculated on the levies owing.
The actual amount of penalty that accrues is irrelevant – look at it another way, 10% pa interest is pretty high, bearing in mind current interest rates.
We have had people who are erratic but reliable payers, in that they have consistently paid, albeit late. As long as payment is made does it really matter? The way we view it is any interest that might accrue on the debt is a bonus, whatever the amount is.
A late payment may be an issue is where a large special levy is struck, and the OC needs the funds to progress works, but note then the interest on late payments is a deterrent.