Taking advantage of the NSW Cladding Removal Plan

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We welcome the $139 million commitment from the NSW government in the State Budget to support the removal of high-risk combustible cladding in residential apartment buildings in NSW. Minister for Better Regulation and Innovation, Kevin Anderson, said the Government will establish Project Remediate, a three-year program to help remove combustible cladding on hundreds of the most at-risk buildings. The centrepiece of Project Remediate is a commitment to pay the interest on amounts borrowed by Owners Corporations, fast-tracking the removal of unsafe … Read More

Pronto offers fast answers to lost levies question

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As seen on FlatChat. By Jimmy T Strata schemes facing a temporary financial crisis due to the coronavirus – or just anxious to get on with delayed projects – can now get an instant answer on whether or not they’d qualify for a strata loan, and for how much. Thanks to a new product called Pronto, schemes seeking instant finances to cover defaulted levies, unexpected imposts on their budgets or delayed maintenance and repairs can learn within minutes what their options … Read More

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