As from 1 January 2011, section 29 of the Owners Corporations Act 2006 requires that decisions to waive interest must be reported at each Annual General Meeting.

If ‘waive of penalty interest’ is selected, your request will be tabled at the next Committee of Management meeting seeking approval. Should your request be successful, the interest will be reversed. All requests received will be noted in the waiver of interest report at the next Annual General Meeting of your Owners Corporation.

S29. Penalty interest on arrears

• If authorised by a resolution at a general meeting, an owners corporation may charge interest on any amount payable by a lot owner that is still outstanding after the due date for payment.
• The rate of interest charged must not exceed the maximum rate payable under the Penalty Interest Rates Act 1983.
• The owners corporation may waive the payment of interest in a particular case.
• The owners corporation must report to the annual general meeting on any decision to waive or not waive, and the reasons for that decision.

S134. Address of new owners

• a lot owner who sells a lot must advise the owners corporation of the name and address of the new owner within a month of completion of the contract, and the person acquiring the lot must advise their name and address within one month.

S135. Address of absent owners

• a lot owner who does not occupy the lot, or who will be absent for more than three months, must advise the owners corporation of a mailing address in Australia for service of notices and any changes to it as soon as possible.
• If an address in Australia has not been nominated under subsection (1), service may be effected: a) by posting the notice to the last known address of the lot owner in Australia; or b) if an address under paragraph (a) is not known or if a notice sent to that address is returned, in any other manner VCAT considers appropriate.

Since 2024, owners have the right to request a payment plan if they are unable to pay the full amount owing due to financial hardship.

It is important to understand, however, that an Owners Corporation is not obliged to approve payment plan requests.

The Knight does not review or approve them — your Committee of Management holds sole decision-making authority.

If you are feeling overwhelmed and need help to deal with financial issues, you can get free, independent and confidential advice from a community-based financial counsellor. Call the National Debt Helpline on 1800 007 007 or visit the National Debt Helpline’s find a financial counsellor page to find a financial counsellor near you.

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