Strata finance available to owners affected by combustible cladding

Paul MortonUncategorized

handshake

Rectification of every strata building in Australia with combustible composite aluminium cladding can be financed immediately without a single owner having to increase their mortgage. Lannock Strata Finance is financing the cladding rectification of Melbourne’s Lacrosse building with an $11 million strata loan and has the funding capacity to lend to other buildings in a similar position. Until the cladding problem is fixed, owners are facing huge decreases in property values and severe discounts for units in buildings which are … Read More

Crunch time for apartment owners as government sets out cladding rules

Paul MortonUncategorized

gavel

Two critical decisions by the NSW Government have given apartment owners the certainty they need to deal with the cladding crisis that has been steadily eroding the value of their properties for the past year. The first win for owners came in April when the government legislated illegal composite aluminium cladding as a major defect, which means it is subject to the extended six-year warranty period under the Home Building Act. The second, announced last month, was banning flammable cladding … Read More

Relief for apartment owners hit by rising strata insurance premiums

Paul MortonUncategorized

modern apartment

Unexpected increases in strata insurance premiums due to risks associated with flammable cladding has left many apartment owners struggling to meet price hikes and at risk of having their insurance cover cancelled for late payment. To help owners caught out by unexpected premium increases, Lannock has released a tailored strata version of Insurance Premium Funding, an unsecured loan to a body corporate which allows owners to spread the cost of the premium over 12 months. The fixed interest loan imposes … Read More

Getting Smart About the Economics of Strata Schemes

LannockUncategorized

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Paul Morton, founder and CEO of Lannock Strata Finance, recently contributed to the autumn 2018 issue of Inside Strata magazine on ‘Getting smart about the economics of strata schemes‘. You can view the full article at Inside Strata or read the article text below. In the olden days: there were Sinking Funds and Special Levies. And in the olden days, it was simple, owners disliked both sinking funds and special levies – it didn’t matter whether it was a small … Read More

Canberra hosts Building Defects and Cladding in Strata Forum

Paul MortonUncategorized

forum

The Building Defects & Cladding in Strata Forum was held on May 16th in Canberra at the Hyatt Hotel. With over 60 stakeholders in attendance including strata managers, owners and industry suppliers, the event was a great success. Featuring a leading panel of industry experts including Erik Adriaanse (SCA National), Rob Craven (SCA ACT), Colin Grace (Grace Lawyers), Rod Tancred (Body Corporate Brokers) Craig Simmons (Access Canberra), Peter Berney (Solutions in Engineering) and Andrew Brennan (Omnii), audience members were given … Read More

Defects and Cladding in Strata Forum

Paul MortonUncategorized

defects & cladding in strata forum event banner

Be informed. Be protected. You are invited to a free evening forum on May 16th in Canberra covering what you need to know about non-complying building products, defects, aluminium cladding, fire risk, your safety, your rights and who pays. Get answers from a panel of experts covering legal, insurance, strata, construction, finance and government. Strata managers, owners, tenants and stakeholders welcome. Panellists include: Peter Berney – Solutions In Engineering Rod Tancred – BCB Andrew Brennan – Omnii Fire Engineers Colin … Read More

Strata Fire Safety Forum Brisbane

Paul MortonUncategorized

strata fire safety forum

Were you unable to make the Strata Fire Safety Forum on February 27 in Brisbane? This forum covered what you need to know about non-complying building products, aluminium cladding, fire risk, your safety, your rights and who pays? Get answers from a panel of experts covering legal, insurance, strata, construction, finance and government. You can watch the full forum below: Panellists included: Simon Barnard – President, Strata Community Australia (QLD) Peter Berney – BDM, Solutions In Engineering Andrew Brennan – Associate … Read More