7. Help out owners who are struggling financially
It’s important to look after one another during difficult times. Your strata committee may consider the following to assist owners and manage strata finances during COVID-19.
Consider payment plans
To ensure easy access to financial support, we have developed an online payment plan to guide those who are suffering financial hardship through this time. Please visit the “For owners” menu tab on the website of your branch and click on “Payment plan for levies and fees”. In addition, our managers are here to support you and are available for a conversation.
Consider removing or waiving interest on late levies
Strata legislation sets out the default rate of interest on late levies. However, the interest can be removed or waived by the owners corporation either generally or in a particular case.
Note: The funds belong to the owners corporation. The managing agent cannot make decisions regarding the removal of interest, acceptance of payment plans, and any amendments to budgeted contributions. These items require the resolution of the committee.