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UPDATE: WA Residential Rent Relief Grant Scheme

As each State Govt rushes to respond to this health crisis, we strive to update our community on the most recent changes relating to residential real estate as well. And this update is no different.

This time, we’ll be unpacking the New Residential Rent Relief Grant released by the WA Govt last week on the 23rd of April 2020! The WA State Government is making available $30 million for grants of up to $2,000 for Western Australian residential tenants who lost their jobs on or after 20 March 2020 and are facing financial hardship due to the COVID -19 pandemic.

Here to fill us in on the details is Damian Collins, President of REIWA, the Founder and Managing Director of Momentum Wealth and also the Chairman of commercial property funds management business, Mair Property Funds.

 

In this short update, we’ll be covering these questions:

  • How are WA landlords and renters affected by a moratorium on evictions?
  • If there is any Land Tax Relief for Property Owners?
  • Can rent be increased during the emergency period?
  • What is the emergency period?
  • What constitutes Financial Hardship and what documents are needed?
  • Can a renter ask to reduce their rent payments?

For more questions relating to WA Rent Relief Grant, please refer to this website: https://www.commerce.wa.gov.au/consumer-protection/residential-tenancies-covid-19-response

And of course, if you’re a tenant and are currently facing financial difficulties due to COVID-19, we strongly recommend you to check out the New Residential Rent Relief Grant by the WA Govt here to apply for the grant.

 

Free Resources

 

And of course… Additional Helpful Resources on COVID-19

National Update: Click here

State Update:

And One Final Word…

If you’re worried about your finances or if you have no clarity on your cash flow position, we strongly recommend you to organise your finances now. It’s more important than ever to have a clear view, down to the exact cent, on how much you’re spending each month and how much surplus you’ve got. If you don’t know it, then log in to your Money SMARTS Platform here and update the numbers.

Don’t have an account yet? Create your free access below and we’ll also send you an e-copy of the instruction manual which is also our best-seller book, Make Money Simple Again. Just fill in the form below and we’ll email it to you right away.

 

 

 

UPDATE: Shocker Revoked!! Why property owners can rest a little easier in QLD now?

What a difference a couple of days makes, huh?!! 

Back on the couch is Antonia MercorellaCEO of REIQ… with some GREAT NEWS!!!! 

In light of last week’s episode, the Queensland Government has reached out to The Real Estate Insitute of Queensland (REIQ) to collaborate on a package that ensures protection for EVERYONE… ie. tenants AND landlords!! 

Antonia will fill you in on all the amendments to the proposed Rental Relief Package, what this means for landlords and tenants, and exactly HOW the reversal of this initial “Shocker” of a policy came about! 

 You can learn more about QLD Rental Relief Package here: https://www.covid19.qld.gov.au/the-hub

 

The amendments to the proposed Rental Relief Package include: 

  • Rent payments and unpaid rent: Property owners and tenants can now agree on the terms of reduced rent and deferred repayment requirements. 
  • Financial hardship requirements: The combined income of tenant/s must have reduced by more than 25% as a direct result of COVID-19 or where the rent amount exceeds 30% of income/s and tenant/s cannot afford to pay the rent. 
  • Substantiation of financial hardship: Tenants must provide the same level of proof of income as is required at the start of the tenancy to seek a rent reduction. 
  • Entry requirements: The Government will provide clear guidance to ensure access for essential repairs and maintenance, the sale of a property and virtual inspections. 
  • Break lease: To qualify for the Government’s break lease provisions, tenant/s must be in severe financial hardship which is defined as a 75% reduction in combined tenant/s income and have less than $5,000 in savings. 
  • Extension of a tenancy: A fixed term tenancy will be automatically extended to 30 September 2020 unless agreed otherwise. 

 You can learn more about QLD Rental Relief Package here: https://www.covid19.qld.gov.au/the-hub

 

Free Resources

 

What we Cover in Today’s Episode

 

 

And of course… Additional Helpful Resources on COVID-19

National Update: Click here

State Update:

And One Final Word…

If you’re worried about your finances or if you have no clarity on your cash flow position, we strongly recommend you to organise your finances now. It’s more important than ever to have a clear view, down to the exact cent, on how much you’re spending each month and how much surplus you’ve got. If you don’t know it, then log in to your Money SMARTS Platform here and update the numbers.

Don’t have an account yet? Create your free access below and we’ll also send you an e-copy of the instruction manual which is also our best-seller book, Make Money Simple Again. Just fill in the form below and we’ll email it to you right away.

 

 

 

Episode 280 | QLD Govt Shocker: Why the Renter Protection Package doesn’t protect everyone!… Chat with Antonia Mercorella

There’s no doubt governments are “regulating on the run” with the current crisis on our hands. Coronavirus demands quick action… but, wow, the Queensland Government’s new “Renter Protection Package” is a SHOCKER.

What’s being proposed is, ahh, let’s just say, out of step with the rest of the country and, quite frankly, seems to ignore the COVID-19 stimulus package already on offer… and leaves us landlords particularly vulnerable, especially if we have a property up in the sunny state. And we CAN’T HAVE this shocking, poorly formed policy to seep across the borders and infiltrate into other states… because it would end badly.

Here to talk about these proposed amendments to the tenancy legislation (and why they’re slanted very much in favour of the tenant and can potentially damage the property industry… aka, a complete shocker!) is Antonia Mercorella, CEO of the Real Estate Institute of Queensland (REIQ).

To give you an idea folks – REIQ is Queensland’s peak body in real estate, and Antonia, as well as being a solicitor, has over 16 years’ experience in the real estate and property sectors! And once you hear her passion and unshakable knowledge about her craft, you’ll quickly know why she’s been identified as one of the 20 most influential people in Queensland real estate!

And, of course, you’ll hear EXACTLY what the QLD Government has proposed in their new “Renter Protection Package” and why it’s a total doozy!!

 

Be Heard Before 22 April 2020 — EVERYONE MATTERS

CLICK HERE To Support REIQ BEFORE These Proposed Changes Are In (it literally takes 1 minute folks!)

 

Free Resources

 

What we Cover in Today’s Episode

 

 

And of course… Additional Helpful Resources on COVID-19

National Update: Click here

State Update:

And One Final Word…

If you’re worried about your finances or if you have no clarity on your cash flow position, we strongly recommend you to organise your finances now. It’s more important than ever to have a clear view, down to the exact cent, on how much you’re spending each month and how much surplus you’ve got. If you don’t know it, then log in to your Money SMARTS Platform here and update the numbers.

Don’t have an account yet? Create your free access below and we’ll also send you an e-copy of the instruction manual which is also our best-seller book, Make Money Simple Again. Just fill in the form below and we’ll email it to you right away.

 

 

 

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