Many strata schemes, for a variety of reasons, may find themselves in the position where money is urgently needed to pay for essential repairs or renovations but the bank account is ‘bare’. When this situation occurs, there are a couple of options open to the owners’ corporation including:

While the idea of taking out a loan may seem abhorrent to many, it might just be the best (and sometimes ONLY) solution to ensure the work is actually completed before the problem gets any worse and more than likely results in a cost blowout.  A loan avoids the dreaded special levy and ensures necessary works are completed and your building is compliant. Most importantly,  everyone is safe from harm.

What is strata financing?

Who benefits from strata finance?

What can it be used for?

Why should I use it?

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