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After being sprung with a $5000 extra levy bill for compulsory/mandatory window replacement in our unit, I'm scrambling to find the money. Either I cough up or cop a huge interest penalty. Whilst the majority of the tennants agree that this window replacement must happen to our old building, the way in which it was managed was pure brinkmanship by the strata committee. By calling the meeting when the majority of the strata members were non-financial, meant the committee were able to force the vote. OK fair enough – that's all legal, however now we've got to cough up or face these punitive measures.
I'm thinking about Strata Finance. Can a single unit apply for strata finance to pay for this, or does it have to be all residents listed Strata Plan?
Thanks for this service.
Cheers
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I believe strata finance is only available to the whole strata plan.
However, I understand that more banks and lenders are offering loans to individuals on the same basis as you would get for renovations and extensions as this clearly would enhance the value of your property (and therefore their equity).
Call your mortgage lender and see what they say.
The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers.
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