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 23^rd 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

• Residential tenancies – Western Australia COVID-19 response
• WA Govt. Residential Rent Relief Grant Scheme
• Become A PICA Member

And of course… Additional Helpful Resources on COVID-19

National Update: Click here

State Update:

• Australian Capital Territory – Click here
• New South Wales – Click here
• Northern Territory – Click here
• Queensland – Click here
• South Australia – Click here
• Tasmania – Click here
• Victoria – Click here
• Western Australia – Click here

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.

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

Back on the couch is Antonia Mercorella, CEO 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

• Support REIQ Here (it’ll literally take you 1 minute)
• Become A PICA Member

What we Cover in Today’s Episode

• What is the Queensland Government’s new COVID-19 “Renter Protection Package” and WHY is it a Shocker?
• What changes are MOST concerning?
• How will landlords be negatively impacted?
• How does the perception of property investors and real estate agents play a role in all this?
• What’s the percentage of people who RENT in Queensland (and what’s the median rent)?
• The imbalance between the Australian Government’s COVID-19 Stimulus Package and the Queensland Governments COV-19 Renter Protection Package…
• Coronavirus: Landlords vs Tenants
• How Antonia went from a Lawyer to a CEO of REIQ without being a real estate agent! (And her back store with property investing)
• How much do property investors pay in Land Tax and Stamp Duty?
• What regulating to the minority really means
• Heaps more…

And of course… Additional Helpful Resources on COVID-19

National Update: Click here

State Update:

• Australian Capital Territory – Click here
• New South Wales – Click here
• Northern Territory – Click here
• Queensland – Click here
• South Australia – Click here
• Tasmania – Click here
• Victoria – Click here
• Western Australia – Click here

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.