“’No one will loan me money’: Mascot Towers owners can’t afford to pay levy” Sydney Morning Herald, 9 September 2019.
Mascot Towers owners have been hit with a $7 million special levy for rectification works but around 35 percent are unable to pay their share of the levy. They have written to the Minister for Better Regulation and Innovation seeking help. Applications to extend mortgages have been declined and owners who are retired are on limited means.
Well-respected writer on all things strata, Jimmy Thomson, has written an article on “Why strata mediation is not the quick fix you’re looking for” in the Australian Financial Review on 29 August 2019. In it he says that “Many apartment residents go to mediation thinking they are going to get a ruling from a strata referee. They probably won’t. So what’s it all about?” The process is long and tricky at times so its best to be well-informed about the steps and not to think that things will be resolved immediately.
Also in the Australian Financial Review was the article “Combustible cladding will ‘test the owners corporation model’”, on 3 September 2019. The article states that “Fixing combustible cladding will require technical skills and understanding beyond some owners corporations – especially in smaller buildings – and could prompt a rethink about the best way to manage housing stock”. Read on to find out more.