How this affects you: If you live in or own a lot in a strata scheme, you can expect better oversight of managing agents and stronger protections against misconduct.
How this affects you: If you’re on a strata committee, you’ll have clearer rules for governance. If you’re an owner, you’ll get more time to participate in decision-making.
How this affects you: If you’re on a strata committee, you’ll have clearer rules for governance. If you’re an owner, you’ll get more time to participate in decision-making.
Levies are regular contributions required from property owners within a strata scheme, community association or owners corporation to cover the costs of maintaining common areas and providing essential services. These funds are essential for keeping your building or community functioning smoothly, covering expenses such as repairs, insurance, and shared utilities.
By paying your levies, you contribute to maintaining the value and liveability of your property and ensure that the shared spaces are well-managed and protected.
Levies are set by the owners. They are calculated based on the unit entitlement/lot liability of each property, which reflects the proportion of ownership you have in the common property. This means owners of larger properties typically pay higher levies.
The amount and frequency of levies (monthly, quarterly, annually, etc.) are decided at the sites Annual General Meeting (AGM) and are outlined in your scheme’s budget.
Levies can generally be paid via direct debit, credit card, BPay or in store at Australia Post by eftpos. Please refer to your levy notice for your BPay code and reference number. Levy dues dates are available on your levy notice – you can pay them in instalments as long as it’s in advance of due dates.
If you’re facing financial hardship, many schemes offer payment plans. It’s important to speak with your schemes strata/community/owners corporation manager if you need flexibility or assistance.
By-laws are rules and regulations that govern how a strata scheme operates in NSW. They cover everything from building maintenance to behavioural expectations within the scheme, i.e. noise restrictions or parking rules.
By-laws are created and enforced to ensure harmony and proper management within the scheme.
It is important you make yourself familiar with the schemes are all owners and tenants must comply with them, and failure to do so could result in penalties.
In Victoria, the equivalent of by-laws are known as rules under the Owners Corporation (OC) framework. These rules help maintain order and manage the shared spaces in a scheme. They can include regulations about renovations, use of common areas, and conduct. Just like in NSW, it’s essential for owners and tenants in Victoria to adhere to these rules to maintain a peaceful and orderly environment.
There can be many types of Management Statements, and each will differ pending the type of scheme you live in, i.e.
A Management Statement is a key document that outlines the specific rules, regulations, and procedures.
It provides important information on how the scheme should operate, how decisions are made, and what obligations each owner and resident must adhere to. The statement is registered with the NSW Land and Property Information and serves as a guide for the governance and management of the scheme.
An Annual General Meeting (AGM) is a yearly gathering where owners of a scheme come together to discuss important matters related to the management and operation of their property or community. At the AGM, key decisions are made regarding budgets, elections for committee members, maintenance plans, and any other significant issues affecting the scheme.
If you are an owner or member of the scheme, you are generally entitled to vote at the AGM. Noting there are different requirements regarding being financial (levies paid up to date) and different voting rights pending on the motion type of resolution, so it is important to reach out to your sites manager for specific important on your upcoming AGM should you have questions.
Voting gives you a voice in key decisions that impact the management and future of your property or community.
Voting at an AGM is usually done through a show of hands, proxy votes, or electronic voting (where applicable). You can cast your vote in person at the meeting or appoint a proxy to vote on your behalf if you are unable to attend. Some schemes also offer online voting for added convenience.
Attending an AGM is crucial for staying informed about the decisions that affect your property and community. It’s your chance to have your say, vote on important matters, and ask questions regarding finances, maintenance, and future plans.
Participating in the AGM helps ensure that your interests are represented, and that the management of your property aligns with the needs and goals of all residents or owners.
