Lend my Strata Building Money

Although most of the money needed by strata corporations comes from the owners, when they can't pay (or can't pay enough) Australian strata corporations can borrow money.

Borrowing has been possible since strata title began and depending on where the building is different rules apply about the kind of decision needed, borrowing limits and whether or not security can be offered (like a mortgage or a charge).

The tightest restrictions apply in Queensland where borrowings over $3000 in Accomodation Module buildings and over $250 per lot in other buildings needs a resolution without dissent. 

Next comes the ACT where all borrowing needs a special resolution and Victoria which also requires a special resolution if the borrowing is more than the total annual budget. 

Everywhere else (and in Victoria and Queensland for smaller borrowings) a majority decision is all that's needed.

Most states (except Western Australia) don't allow mortgaging common property but the Northern Territory does if it's approved by a resolution without dissent.

So next time your strata corporation needs money and the owners can't or won't pay maybe you need a loan.

There's a few companies specialising in lending to strata corporations including Lannock, Finlease and Macquarie Bank.

So see you collecting your strata loan money soon.

Francesco ...