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  • Newhaven Group

Urgent advice for investment property owners

We are writing to you regarding the impact of the Covid-19 crisis on your investment property.

The government has announced Sunday night that state governments will placing a moratorium on evictions of tenants for the next six months where tenants are unable to meet their rental payments under their lease.

We strongly recommend that you:

1. urgently contact your estate agent to assess your tenant’s ability to make any rental payment at this time, be it half or part rent for the month; and

2. contact the bank/s that hold the loans attached to your investment property and seek a freeze on repayments. Where your investment has been purchased using two loans, being one against your principle place of residence and one against the investment property, you should seek a freeze on both loans – these may well be with different banks; and

3. contact your body corporate (if you have one attached to your investment property) and make arrangements for a freezing of body corporate fees; and

4. contact the local council where your investment property resides, seeking a freeze in payments of council rates attached to your investment property.

A government relief package for tenants and landlords has been promised for some time and not yet delivered. We are hopeful that something will be announced this week however, given the Prime Minister’s statement last night, it appears the government is urging landlords, tenants and banks to come to an arrangement amongst themselves.

We are here to help with any advice or information about your situation that you may require as you move through this process.

Again, we ask you to act with haste in contacting your banks and your estate agent to gauge your options ASAP. This will take time as the bank in particular are inundated with requests right now. Please remain patient and rest assured that all parties have been directed to coordinate in order to ensure your property mortgage and tenancy is intact on the other side of this crisis.

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