The Property Couch 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 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
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