OC 819042T/2 – Special Resolution Ballot.
57 Johnston Street, Fitzroy.
The Committee of Management is after your support to pass a special resolution for the Owners Corporation to enter into a strata loan to fund the major car lift remediation project.
Motion 1 – Borrowing funds from Austrata
In order to fund remediation works including car lift remediation project, the Owners Corporation resolves by special resolution pursuant to s.25 of the Owners Corporation Act 2006 (the OC Act) to exercise its statutory power to borrow money and enter into an initial loan contract with Austrata Lending Services Pty Ltd (Austrata), on terms that are generally contained in the agreement attached hereto (Initial Austrata Loan Contract), in the amount of up to $1,200,000 (Total Amount Borrowed).
Motion 2 – Refinancing Initial Austrata Loan Contract with Austrata Hybrid Loan
In order to refinance the Initial Austrata Loan Contract after completion of the remediation works, the Owners Corporation resolves by special resolution:
pursuant to s.25 of the OC Act to exercise its statutory power to borrow money and enter into a loan contract after the completion of the remediation works with those lot owners (if any) who wish to contribute towards the Total Amount Borrowed from their own funds (Self-Funding Owners) on terms that are generally contained in the agreement attached hereto (SFO Agreement),
with Schedule 1 of the SFO Agreement to be completed once the Self-Funding Owners have subscribed to the finance arrangement; and
pursuant to s.25 of the OC Act to exercise its statutory power to borrow money and enter into a subsequent loan contract with Austrata Lending Services Pty Ltd (Austrata), on terms that are generally contained in the agreement attached hereto (Subsequent Austrata Loan Contract), in the amount of up to $1,200,000 (Total Amount Borrowed) LESS the total amount (if any) lent to the Owners Corporation by the Self-Funding Owners; and
Motion 3 – Owners Corporation as Agent for Self-Funding Owners
The Owners Corporation hereby resolves by special resolution to authorise a service pursuant to s.12 of the OC Act whereby the Owners Corporation will act as agent for each Self-Funding Owner in respect of the borrowings covered by the SFO Agreement and the disposition of such borrowing. In acting as agent for each Self-Funding Owner the Owners Corporation will comply with its statutory duty to act in the best interests of its members.
Motion 4 – Execution of Loan Contracts & Delegation of Authority
The Owners Corporation hereby resolves:
to authorise the execution of the Initial Austrata Loan Contract, SFO Agreement and Subsequent Austrata Loan Contract (collectively the Loan Contracts) in accordance with s.21 and s.10 of the OC Act.
to delegate and authorise the committee and/or Manager of the Owners Corporation the power and authorities necessary to fully comply with the contractual obligations of the Owners Corporations in respect of the Loan Contracts.
Motion 5 – Future Contingent Events
The Owners Corporation resolves that, on the basis that there is no increase in the Total Amount Borrowed and no additional cost to the Owners Corporation in doing so:
if any Self-Funding Owner subsequently sells their lot, and if the incoming purchaser does not agree to the assignment of the SFO Agreement, the Owners Corporation may (as determined by the committee, which is delegated this function) repay the loan balance owing to that Self-Funding Owner using additional loan funds drawn down from Austrata; or
if a Self-Funding Owner suffers financial distress, that Self-Funding Owner may apply to the Owners Corporation to be repaid any existing loan balance owing to them by the Owners Corporation, using additional loan funds drawn down from Austrata; or
if the lot entitlements are amended in the future under section 33 (by special resolution) or 34D (Tribunal order) of the Subdivision Act 1988 resulting in a change in any Self-Funding Owner’s lot entitlements in the strata scheme (as a percentage of the overall lot entitlements), each Self-Funding Owner’s loan amount will be proportionately increased or decreased consistent with the corresponding increase or decrease in the Self-Funding Owner’s lot entitlements (as a percentage of the overall lot entitlements), and the increase or decrease in each Self-Funding Owner’s loan amount will be offset by a corresponding increase or decrease in the loan amount from Austrata.
Motion 6 – Levies
The Owners Corporation resolves by special resolution pursuant to s.23 and s.25 of the OC Act to raise sufficient levy contributions each year to meet the expected loan repayments due under the Loan Contracts (Loan Repayment Levy) payable quarterly in advance, to ensure that the Owners Corporation’s financial obligations with respect to the Loan Contracts are met for the entire term of the loans.
Other Documents.
- VIC Motions for approval
- Pro forma Austrata loan contract
- Pro forma Self funding owner agreement
- Explanatory paper for the hybrid product
- Stara Loans – Frequently Asked Questions
- Austrata Hybrid Loan
- Austrata Hybrid Loan – How it works
Important.
- Forms submitted after 5.00pm on Thursday 30th of October 2025 will be ruled invalid.
- Votes will be tabulated according to the unit and proxies nominated by the voter in this form (regardless of any other units they own or proxies they hold).
- Owners are advised that they have the right to appoint a proxy for this ballot. Submit a proxy here.
- Nathalie Appere is the returning Secretary for this ballot.