Funding for Strata Insurance Premiums

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We have designed a simple insurance premium funding product to assist an owners corporation/strata corporation/body corporate/strata company or community association pay their annual insurance premium in times of financial hardship. Easy monthly instalments Pay for annual insurance in 12 monthly instalments* that suit your cashflow Fixed interest rate Know what your monthly repayments are over the course of the 12-month term* Release cash flow Free up your cash flow and reduce the burden on the administration fund tied up in insurance … Read More

Understanding your sinking fund

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If your strata corporation is short of funds then we recommend you use your capital works fund (aka maintenance fund, sinking fund, etc).  It’s the obvious place to go – funds are readily available without diminishing the cash resources of owners.  But it makes economic sense as well – a sinking fund is the most expensive option for the majority of owners, so if you use it, you’ll be reducing the economic drag on the corporation. However, in some states, … Read More

Help for strata levies in arrears

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The strata sector is not immune to the virus. We will experience significant disruption over the coming months and owners are very fearful. We have written a guide to help strata owners and managers deal with the important cash flow decisions that will arise during the pandemic and its aftermath. Our downloadable guide covers what to do about the payments the corporation needs to make and the various ways of funding those payments should there be a shortfall. The strata … Read More

Introducing our Levy Assist Loan

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During this upcoming period of uncertainty, we anticipate many owners will experience difficulty in getting personal finance or increasing their mortgage. And everyone is worried that levy arrears will increase. That is why we have created an easy and simple “levy assist” working capital loan to cater for owner corporations experiencing increased arrears. To learn more about this product, and answer any questions you may have, we’ve compiled the following FAQs. You can also call us on 1300 851 585 or … Read More

Top 10 tips when preparing for general meetings

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Lannock’s Head of Business Development Phil Bottomley provides some ideas on how we can prepare for general meetings. Set a time limit and focus on the major items, defer minor or operational matters to another meeting Set a goal for how long it will take to process the strata roll – what do you need to do to achieve this? Prepare a template for presentations that forces contractors into a sensible structure and can be easily read by all people in the … Read More

Four Principles of Corporate Finance that apply to Strata

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… and how every owners corporation and strata manager in Australia can benefit from understanding the implications of each! Opportunity Cost Remember the old Aspirin ads? “Two and a quarter times faster”. Well, 2 ¼ faster than what? It’s the same with money in general and funding in strata in particular. The money that owners pay in levies is not free – the cost of this money is whatever the next best thing you could do with it might be. … Read More

Combustible Cladding: What Next?

Paul MortonUncategorized

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There are five things that will cause owners to take action if there is combustible cladding on their building: concern for personal safety; compulsion by government; unwillingness to pay higher insurance premiums; declining property values; and inability to sell affected units. Each of these on their own should be sufficient to ensure immediate action from owners, but it’s a sad fact that safety concerns alone will not lead to significant change. The various state governments are working through their processes, … Read More