Heavy levies Vs the loan arrangers

Stories of unit blocks having no money in the bank when they need repairs are legion. There has long been a culture in strata of leaving repairs to “the next guy.”

So it’s unusual to come across a building that has a stack of money in its sinking fund but won’t spend it and, in this case, plans to ask owners for even more.

“Our lovely Executive Committee intends to impose a large special levy on the humble owners in our building,” writes Tracer on the Flat Chat Forum. “We don’t disagree with the purpose of the levy (building repairs) –…