COVID-19, Money, Wellbeing
Published on April 15, 2020 10:18 pm, by Pete Lalor
Rent Relief in Victoria
|6 month moratorium on evictions for tenants suffering financial hardship due to COVID-19|
|Rent freeze for 6 months|
|Landlords and tenants are encouraged to negotiate rent relief in good faith where a tenant cannot pay their rent||Rent will accrue during any negotiation period and will continue to be owed to the landlord|
|Hardship assistance for renters||Tenants must have less than $5,000 in cash savings, be paying for than 30% of their income in rent and have registered a revised rental agreement with Consumer Affairs|
|Land tax rebates are being offered to landlords as an incentive to support tenants suffering financial hardship due to COVID-19||Where a landlord provides tenants with a rent reduction equal to or more than 25% of their land tax the land tax will be rebated, Where are rebate is provided the land tax payment can also be deferred by 3 months|
More information on rent relief arrangements in Victoria is available from Consumer Affairs Victoria
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This summary has been prepared by MoneyBrilliant Pty Ltd (AFSL 492711, ACL 493068). The information in this summary is of a factual nature only. We are not suggesting or recommending that you take any particular course of action in relation to any financial product or service. It does not take into account your personal circumstances or objectives. If you need financial advice or taxation advice you should seek advice from a licensed financial adviser or tax agent. You may also be able to access additional information from the websites of the Australian Securities and Investment Commission (ASIC) and the relevant product providers.
Peter is the CEO of MoneyBrilliant. He has over 20 years experience in banking, insurance and accounting. Peter has three sons, ranging in age from 16 to 3, is a sport and fitness fanatic and a volunteer firefighter. He is passionate about improving people's lives through making financial services more accessible.