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A note on decisions to waive interest:

As from 1 January 2011, section 29 of The Owners Corporations Act 2006 (as amended) requires that the 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 of your request. 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.

Additional information:

Legislation: Owners Corporation Act 2006

S29. Penalty interest on arrears

  1. If authorised by a resolution at a general meeting, an owners corporation may charge interest on any amount payable by a lot owner to the owners corporation that is still outstanding after the due date for payment.
  2. The rate of interest charged must not exceed the maximum rate of interest payable under the Penalty Interest Rates Act 1983
  3. The owners corporation may waive the payment of interest in a particular case.
  4. The owners corporation must report to the annual general meeting on any decision under subsection (3) to waive or not waive and the reasons for that decision.

S134. Address of new owners

  1. 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.
  2. A person who acquires a lot must advise the owners corporation of the person’s name and address within one month of the completion of the contract.

S135. Address of absent owners

  1. A lot owner who does not occupy the lot or who will be absent from the lot for more than 3 months must advise the owners corporation of the lot owner’s mailing address in Australia for service notices and any changes to it as soon as possible.
  2. 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.

A note on payment plans:

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 payment plan requests, your Committee of Management holds sole decision-making authority on such matters.

If you’re feeling overwhelmed and need help to deal with financial issues, you can get free, independent, and confidential advice from a community based financial counsellor. To speak to a 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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